Divorce cases can either be contested or uncontested. Most couples will want the process to go as smoothly as possible for both themselves and their children. But, some divorces become contested simply because the couple cannot agree on anything. One such issue is how the property is divided. When a couple cannot come to an agreement on the division of property, it will need to be valued so it can be divided fairly.
If your divorce gets to the point where a court needs to get involved, a judge will likely be left with dividing the marital property for you. This means that the court will rely on testimony from expert witnesses to help divide the property. Some expert witnesses could include real estate appraisers, antique dealers and automotive auctioneers.
In order to value the family home, the court will ask for a Comparative Market Analysis (CMA). This finds comparable homes in your neighborhood that recently sold, how much they sold for and other comparable homes in your area that are currently on the market and their asking price. Any home improvements made to your home as well as appreciation and depreciation will also be taken into consideration when valuing the home.
When personal property needs to be valued for a divorce, there are three ways to do it: revenue approach, market comparison approach and cost approach. The revenue approach looks at items purchased as an investment, which estimates the future value. The market comparison approach is used for rare and collectible items. The cost approach is used for everyday items that would not be difficult to replace.
Should you or your spouse own a business, the business will also be valued for the divorce by a certified forensic accountant. The valuation is done by looking at the business profits, assets and debts, valuation date and increased value of the business.
Visit our page today to learn more about asset valuation for divorce in Columbus, Ohio.