When you own assets of high net worth, the property division process will often be the most challenging aspect of your divorce. Not only do you and your spouse have to determine how your assets are divided, but also the value of each asset in question. You may be one of many people currently going through a divorce, and you may be having a hard time agreeing with your spouse on the value of your property. When disputes arise, you may need to turn to the expertise of an appraiser who can help determine the true value of your assets through an unbiased lens.
Why you need an appraiser
Property of high net worth can be particularly difficult to analyze. Even if you only recently bought an item, resale value can sometimes drop almost immediately after purchase. Assets such as businesses can be complicated to value and have several aspects to measure, which could include the company’s stock value, the venture’s goodwill value, and not to mention any issues within the balance sheet. Assets like real estate may depend on how the housing market has shifted over time, improvements you may have done or outstanding repairs needed to the property.
If you and your spouse disagree on the value of your property, the court will likely require you to rely on an appraisal. The court will not be able to consider you or your spouse a reliable source as the value of an asset. If you do not have an appraisal or evaluation done, you will have no evidence to present to the Court as to the value of that asset. Therefore, an appraisal or expert opinion is the only option if you and your spouse cannot reach an agreement as to the value of an asset.
Do not let a dispute unnecessarily prolong your divorce process
If you and your spouse are struggling to agree on how much your assets are worth, it may be best to put your case in the hands of an experienced appraiser. The court may choose to appoint someone, or you and your spouse, through the assistance of your attorneys, may decide to choose an appraiser together. This may eliminate the need to have two separate appraisers.
Even if you and your spouse are on amicable terms with each other, a disagreement can take place as to value simply because neither of you have the expertise to determine same. Consider reaching out to an appraiser so that your divorce process does not get unnecessarily derailed. An experienced divorce attorney can assist you in making that decision and guide you to the appropriate professionals.