Spouses preparing for divorce have to divide their property or ask the courts to do so. For some couples, the process is relatively straightforward. They own minimal property and share few financial obligations.
Other times, spouses may have remained married for years or may have above-average income. In such scenarios, the property division process can become far more complex. The family courts typically want spouses to equitably or fairly divide their assets. Some couples may require the support of outside professionals to determine what valuable assets are worth before they finalize property division matters.
What assets may require valuation?
Some resources have a clear financial value. For example, spouses rarely struggle to determine the value of a checking account. Other resources may fluctuate in value and may not have a specific monetary value attached to them.
Dividing those assets may require the assistance of an outside professional. If the spouses own a small business or professional practice, they may need help with the business valuation process. If spouses acquired real property during the marriage, they may need an appraiser or a local listing agent to determine what their home and other real estate holdings are worth.
Personal property, including collections and wardrobes, may also require the insight of a professional familiar with the current value of designer clothing or sapphire earrings. Vintage furniture, classic vehicles, fine art and even wine cellars may require the support of a professional during the valuation process.
Establishing a fair market value for marital assets is an important step for those preparing to file for divorce. Those who know what their assets are worth can push for a fair allocation of marital assets and debts.
