The outcome of your divorce’s property division process can dictate what your financial wellbeing will look like for years, maybe even decades, to come. This may be especially true if you’re facing a high-asset divorce. One reason property division is so challenging is because many assets are simply hard to put a price on, unlike cash sitting in a bank account. But don’t let that overly stress you. Instead, be motivated to inform yourself so that you can make the best decisions for your future.
Assessing High Value Assets
A lot of valuable assets, such as artwork, a business, and even fine jewelry, are hard to price. Some only seem valuable due to sentimental attachment when in reality they really aren’t worth that much. Others, though, can be worth much more than you think. This is why having an appraisal can be enormously helpful.
The results of an appraisal can give you a starting point for negotiations and even give you leverage if your case ends up in front of a judge. Of course, you need to be prepared for your spouse to have an appraisal of his or her own, which could contradict yours, which is why many people loop their attorney into these matters.
What Goes Into an Appraisal?
There’s a lot that goes into appraising a piece of property. Depending on what it is exactly that you’re having evaluated, any of the following could apply to a determination of that object’s value: age; condition; medium used; depreciation; appreciation; reputation; status of the market; and clientele.
Again, the outcome of an appraisal is going to heavily depend upon the facts and the asset at hand. Regardless of the outcome, though, you need to be prepared to use it to your advantage. This is where the help of a skilled divorce attorney might give you an edge on your spouse and better ensure that you receive your fair share of marital property.