Property division can be one of the most challenging aspects of divorce, and correctly valuing each asset is crucial to ensure you get the total amount you deserve.
If your joint bank account shows a balance of $40,000, then that is what you have. Yet many assets are much harder to put a value on. That could lead to one party taking advantage of the other or arguments when you both think it is worth something different.
Hence, you may need to call in a neutral third party with specialist knowledge to settle an asset’s value. Here are some of the items you might need to do that for:
Your home is one of your most expensive assets, so even a small percentage error could be critical. Values can change rapidly, so even a valuation you did two months ago may be outdated by the time you finalize your divorce.
Artwork or collectibles
You will have seen auctions where items go for far more than predicted and others where they cannot find anyone to meet the asking price. You may also have read tales of people discovering that the old china dish Gran left them is far too valuable to continue using for casseroles. The only way to be sure of something’s value is to put it up for sale and see what someone will pay for it. Otherwise, all you can do is get an expert to value it.
Is the new electric vehicle you designed set to become the next Tesla or the next Sinclair C5? Only time can tell, yet when divorcing, you need a valuation that allows you to account for it when dividing your property.