One important step to take while going through a divorce is to look into having your property assessed for its true value. You and your spouse will need to divide your assets, but not knowing what those assets are worth is harmful to both of you. You can’t bargain effectively until you know what you’re bargaining over.
When you decide to have your assets valued, remember that value may fluctuate or vary based on who is performing the assessment. If you and your spouse get along, you may select one person to assess your property, but if not, it would be a good idea for both of you to have your own. Then, once values are assigned to your pieces of property, you can negotiate a divorce settlement.
What happens if two experts come up with different assessments?
If your two experts come up with different values, you have a few options. The first is to take the highest value as standard and to divide your property that way. The second is to use the lowest values. The third option is to add those values together and then divide them by two so that you can get the average value.
You should consider factors such as changes in the market and the likelihood that a piece of property will change in value when you negotiate. For example, a stock valued at $5,000 today may drop or soar tomorrow. Similarly, a home’s value could increase in an up-and-coming neighborhood or drop during economic downturns.
If you would like to have your assets appraised, your attorney can talk to you more about how to do so effectively. That way, you’ll have the best information for your negotiations.