Ask any divorcing spouse if any aspect of this life event is pleasurable, and they’ll quickly respond with a resolute “no.” Not reaching a fair settlement with your ex is likely to make your divorce sting for years after its finalization, though.
You can take steps to ensure that your divorce doesn’t have a long-term negative impact because you agreed to an unfair settlement. You can bring an appraiser onto your team before settling your case. Their insight can be valuable in your case for several different reasons.
An appraiser’s role in determining your home’s value
Many divorcing couples opt to sell off their marital home and split the proceeds from its sale. In other instances, one of them continues living in it and agrees not to petition for support or gives away property to approximate a more equitable agreement.
Spouses who pursue one of the options described above often bring an appraiser on board to determine the home’s value. This may include assessing its current and future value. Their assessment may impact whether a spouse holds on to the former marital home and what assets they may leave to their ex for the right to stay there.
How appraisers help determine collectibles’ values
Other valuable assets that couples must split in a divorce are smaller, tangible items, including art, jewelry and collectibles. You may need to have an appraiser assign a value to those before finalizing any property division settlements.
Why business appraisals matter
There’s also a strong necessity for bringing in an appraiser to determine the value of a family business. They’ll likely want to inventory all of your company’s assets. They will need to see financial and tax statements showing its profits, expenditures and accounts receivable as part of the appraisal process. Your appraiser will likely look at past and future projections to hone in on your company’s value.
How appraisals help you secure a fair shake in your divorce
Determining whether you need an appraiser on your divorce team will depend on your assets and the nature of their ownership. Securing an appraisal of your most valuable marital assets is key to ensuring that you don’t get the short end of the stick in your divorce.