When you’re going to get a divorce, one of the things that you should do is have your assets assessed for their values. While you know what you purchased certain items for, their values may have changed over time.
Certain assets must be appraised, including homes, rental properties and businesses. Other items, like artwork or antiques, may also be worth more than you expect, so seeking an appraisal is a good idea.
Who should get an appraisal on your marital assets?
Both you and your spouse should hire your own appraisers to come up with an appraisal for the assets you have. If they are similar values, then you might go with an average amount for each item. If the appraisers come up with vastly different values, you both may wish to hire a third appraiser who can tell you what they believe the fair value is. If all values differ, taking an average can be helpful, but you may also choose to take the lowest valuation or to go with the middle or highest number, depending on your preferences and how the appraisal affects your case.
After you have appraisals for your assets, it’s important to give those numbers to your attorney. If your attorney is negotiating on your behalf, they’ll use the value of certain assets for leverage to help you get your fair share of the marital estate.
Appraisals are essential, so if you plan to get a divorce, it’s a good idea to talk to your attorney about the appraisers who they have worked with in the past.