Addressing financial matters is one of the most universal requirements of modern divorce proceedings. Spouses have to identify their marital property, determine what it is worth and then figure out a fair way to split that property between the two of them.
Some assets are more important during the property division process than others because of how much financial value they have. While it is not realistic or reasonable to actually divide every shared asset in a divorce, people still need to understand what high-value resources are worth in order to properly address them in their property division negotiations. Ultimately, certain types of assets – including the following – may warrant professional support during the valuation process.
Real property
The home where the couple lived together and any other real property that they purchased during the marriage or maintained with marital income could have a profound impact on the outcome of property division proceedings. Real property is often worth hundreds of thousands of dollars and can change drastically in value even after couples acquire it. An appraisal or valuation by a real estate professional might be necessary to ensure that people have a realistic idea of their home’s current fair market value.
A family-owned business
Starting a company can be a way for spouses to spend time together, control their schedules and reinvest marital resources for the benefit of the entire family. They can also be a major challenge when divorcing. Business valuation may look at the value of equipment or facilities. It may look at the future revenue that the company might generate. It can be very difficult to place a valuation on a business without professional help.
High-value personal assets
There are numerous personal assets that could affect a divorce because of their value. If one spouse has years’ worth of designer suits in their wardrobe, those clothes could be worth tens of thousands of dollars. Works of fine art, memorabilia, collectibles and a host of other assets may hide significant value. Those negotiating property division settlements may need to figure out what personal resources are worth even if they don’t want to ask for their spouse’s classic car in the property division settlement.
Accurately valuing key marital resources can make a major difference for those preparing for property division negotiations and transitioning to a new phase of life post-divorce.
