Valuing Assets in a Divorce
During the distribution of property during a divorce, once all assets and debts are identified as marital or separate property the next step is valuing the marital assets that must be split between the couple. Valuing assets can be a tricky process, and the more complicated the asset the more likely that disagreements will arise about the true value of that piece of property. At the law office of Blair H. Chan, III, our office is here to help you navigate this and other complex issues that may arise during your Florida divorce. To learn more call or contact our Tampa Bay office today to schedule an initial consultation.
When it comes to assessing marital property, assets are typically valued by either their book value, replacement value, or sentimental value. The book value is the cost of the item minus depreciation over time, whereas the replacement value is what it would cost to get a new version of that item. These are the methods used most often with common items in a household like a couch or television. Sentimental value is more subjective and based on the emotional connection each spouse has to a specific item of marital property. Sentimental value can often be much higher than the book or replacement value of the item based on the attachment levels of each spouse.
When to Assess Value
Issues can also arise regarding when an item’s value should be assessed. This is especially true for marital assets like stocks, bonds, and securities where their value might fluctuate on a daily basis. Florida law allows for a judge to determine the proper date for valuation as one of three options. Property can be valued either on the date the petition for divorce was filed, the date the parties entered into a settlement agreement, or based on a valuation date agreed upon in the settlement documentation.
How to Assess Value
Value can be assessed in a few different ways. Spouses may be able to agree on the valuation of certain personal property items, which expedites the process. For all outstanding items, the easiest method is to secure the services of appraisal specialists to value the rest of the marital property. Spouses can either agree on a single evaluation or bring in their own appraisers and have the court determine which value to go with on all contested items. Looking at bank records, mortgage records, blue book values, sales of similar items, and other documentation can also assist in determining the value of personal property as well as real estate in a couple’s marital estate.
Call or Contact Blair H. Chan, III Now
Are you struggling to value property in your marital estate or have other issues in your Florida divorce? If so, call the office or contact us today at the law office of Blair H. Chan, III to schedule an initial consultation of your case with a skilled Tampa divorce attorney now.