When you divide property in a divorce, you will need to come up with the values for your assets. Understanding how much each item is worth will enable you to better divide the assets fairly.
However, the valuation process is not always easy. CNBC explains that assigning a value to the property can make it easier to divide your property, but there are some things to consider when doing so.
Extra costs
Not every asset has a straightforward value. For example, stocks or retirement accounts may also have taxation if you were to liquidate them. You must factor in the taxes when valuing the asset. Also, some accounts or other monetary assets may have fees you must pay for them before distribution. You also need to consider those. Real estate has a bunch of fees and costs that you will need to think about.
Emotional value
The court only considers the monetary value of assets, but you may also want to think about sentimental value. If that is important then you need to make the court aware. You may need to strike a deal with your spouse to factor in the sentimental value.
Other factors
You should also make note of any items you or your spouse received as part of an inheritance. These items generally are separate property under the law and you will not need to assign a value because they will not count in the property division process.
Dividing property is a complex process, and a lot of that has to do with figuring out the values of your assets. This is a process you will want to start as soon as possible so that it will not hold up the rest of your divorce.The post What are some challenges in property valuation? first appeared on Leslie L. Abrigo, APC.
↧
