Splitting up your property in a divorce is a challenging process. Some couples find it so overwhelming that they litigate and have a judge make the final decision. Other couples find ways to negotiate with one another and reach a settlement outside of court.
Regardless of which approach you think you will take, you must have an accurate understanding of what marital assets you have and how much they are worth. When it comes to the biggest assets, you may need to work with a professional to determine the actual value.
Your marital home or real estate
Real estate prices generally trend upward over time. The longer it has been since you purchased or refinanced your home, the more of a discrepancy there may be between the most recent appraisal of your house and its current fair market value.
A family business or professional practice
Maybe you and your spouse started a small business together to help support your growing family. Perhaps you helped pay the bills while your ex went to graduate school, and now they have their own professional practice. Businesses started during the marriage may be subject to division, and it may take a financial professional to put an accurate valuation on it.
Investment accounts or financial assets you cannot liquidate
When splitting financial assets or investment accounts, dividing them based on value is usually the easiest approach. However, it is not always an option to split an account or withdraw the money from it.
For accounts you cannot currently liquidate or access, you may need to work with the professional to establish their current fair market value and the future once the assets become liquid or accessible again.
By looking into your assets closely, you can help ensure a more reasonable outcome to the property division process in your divorce.
