Just about every aspect of a divorce can be challenging. Dividing marital assets is certainly one of the most challenging.
You and your spouse may each have acquired personal property and possessions at various times during your marriage. Some items may have more nostalgic or personal value than monetary value. There may also be some possessions that are difficult to place a value on.
It might be relatively easy to place a value on real estate or a vehicle, but what about things like artwork, jewelry, antiques, or a family business? You may have to bring in an appraiser to assess the value of those assets. Some of those items might mean more to one spouse than the other, which might figure into the division of marital possessions.
What role might an appraiser play in your divorce?
When it comes to the family home, spouses have to decide if they want to sell it or if one of the parties will remain in it. There are many factors to consider.
First, the spouse who wants to remain in the property must decide if they can afford the associated expenses, such as the mortgage payments, property taxes, insurance and utilities. Divorcing spouses must then determine if there is any equity in the property and how much the property is worth.
Any divorcing couple planning to sell their home will want to ensure that they get maximum value for it. It might not be open house ready. Maybe the bathrooms and kitchen need to be updated. The carpet or flooring might need cleaning or replacing. The roof might need repairs or to be fully replaced. The interior or exterior of the home might benefit from a fresh coat of paint. An appraisal can help you hone in on its value.
How should you proceed in your divorce?
The last thing you want to do when going through a divorce is to walk away with less than you deserve. While your goal may be to flee the chaos of your marital discord as quickly as possible, you should properly plan it out to maximize your financial position post-divorce. With legal guidance, you make sure you are in the best position possible when the dust settles.