How To Determine The Value Of Items In A Divorce
Property distribution is often one of the most complex aspects of a Florida divorce case. One of the first steps in this process is determining the value of the marital assets in an estate, which can be a complicated process. At the law office of Blair H. Chan, III our experienced Tampa divorce lawyers can help you navigate this complex process and ensure that you receive a full and fair settlement in your divorce. To learn more, call or contact our office to schedule a consultation of your case.
Florida Equitable Distribution
Property distribution in a divorce is either split according to community property or equitable distribution rules. Florida is an equitable distribution state, which means that spouses must divide all marital assets and debts equitably, but not necessarily equally, between them. As such, a split does not have to be exactly 50/50 depending on the circumstances of the case or the feelings of the spouses involved. However, it also makes the valuation of marital assets incredibly important, as an incorrectly valued item could have a substantial impact on the distribution of assets in the case.
Real Estate & Business Appraisals
Real estate and business interests are often the most significant items of value in a Florida divorce. Homes and businesses are often appraised similarly, using comparable property or companies to help determine the value. While appraising real estate is fairly straightforward, a business may be appraised using an income method, asset method, or market approach. An experienced attorney can ensure that the proper method is used to create the most accurate valuation of any business interests.
Personal Property Valuation
Personal property items that are acquired during the course of the marriage must also be appraised in a divorce. This can include everything from vehicles and furniture to jewelry, collectibles, and clothing. Cars, trucks, and other vehicles may be valued using the Kelley Blue Book or similar appraisal texts. Other items of value like jewelry, art, and collectibles may need to be appraised by an expert, while other items like furniture could be valued by looking at the resale value of similar items online.
Financial accounts are easier to value because statements are easily available for review. This can include savings, checking, and investment accounts as well as retirement accounts, pensions, and other securities held by one or both spouses.
Lastly, it is important to remember that emotions can play a role in the value of certain items. There may be property that has a sentimentality to a spouse that makes it more valuable than just its appraisal value, and that can make a difference in the property distribution of a case. If there are items that are important to you, your spouse, or both of you it is important to let your attorney know before property distribution begins in your case.
Call or Contact Us Now
Do you have more questions about dividing property in your Florida divorce? If so, call or contact the law office of Blair H. Chan, III in Tampa Bay today to schedule an evaluation of your case now.