Divorce Property Appraisal
Divorce Property Appraisal is recommended for every divorce regardless of value. When people marry, they don’t do so with a view towards getting divorced. Unfortunately, circumstances change, and there are times when divorce becomes necessary. When this situation does occur, it is important that a divorce property appraisal is conducted so that both parties receive ‘equitable distribution’ of the marital assets.
A divorce property appraisal will help to identify assets and debts obtained during the course of the marriage, classify marital and separate property and evaluate the overall marital asset and debt.
Using the divorce property appraisal can help you to decide whether it is best to settle with your partner out of court, or whether to go to trial. Often, in the case of relatively short marriages with few assets, financially speaking, it is best to settle out of court. However, in the case of divorces where many assets are involved, it is often necessary for a court to decide how the property and assets will be divided.
Marital vs. Separate Property
By conducting a divorce property appraisal, marital and separate property can easily be determined, which can help to speed up settlement time, and clear up any misunderstandings. Though in many cases, marital property and assets (acquired during the marital relationship) and separate property (acquired before or after the marital relationship) are usually easily distinguished, there are times when it can be difficult to determine whether an asset is marital or separate property. A divorce property appraisal can help to distinguish this.
It is important to note that the holding of a title to property in one spouses name does not negate the other parties claim to the property, if the property was acquired during the marital period. This is why a divorce property appraisal is vital during divorce proceedings. A divorce property appraiser will be aware of, and understand the rules relating to marital and separate property. Therefore a divorce property appraisal will help to ensure that equitable distribution occurs for both parties.
Marital property refers to many things, and differs from state to state, which is why a divorce property appraisal is highly necessary. Some of the items included as marital property in some states includes bank accounts, career paths, certifications and/or degrees, corporation or partnership, gifts among spouses, investment accounts, licenses to practice a profession, pension plans, personal property such as artwork and home furnishings, real property, reputable interests in a business, retirement funds, stock options, wedding gifts and whole life insurance policies.
Alternatively, a divorce property appraisal will also distinguish items which should be classified as separate property, according to state laws. Items that are considered separate property include compensation for personal injuries, gifts to a single spouse, income from separate property and inheritances.
As there are exceptions to the rules for separate property, it is of benefit to both parties to ensure that a divorce property appraisal is performed before any settlement is reached. A divorce property appraisal will ensure that both parties are made aware of what constitutes marital property, according to their state laws. From the information gathered from a divorce property appraisal, both parties are then able to decide whether an out of court settlement is possible, or if the case will have to go to trial. Should litigation require that the appraisal be defended, always choose a Divorce Property Appraisal that is irrefutable on the stand with an expert appraisal witness such as Fussell Valuation Associates.
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