How Are Assets Valued During a Divorce?

Objects have different meanings to everyone who comes across them. Whether it is something as small as a rug or as significant as a family home, assets need to be split up during a divorce. Property division is a delicate issue and can create a lot of tension between couples and families. It is important that assets are valued accurately during a divorce to ensure that each spouse is receiving an adequate amount of property. To ensure that you are awarded a fair amount during your divorce proceedings obtain representation from a skilled Montgomery County property division lawyer.

Is Pennsylvania an Equitable Distribution State?

Pennsylvania is what is known as an equitable distribution state. In an equitable distribution state, family law courts will divide property based on what is fair and equitable. These laws operate differently from a community property state where each spouse would be awarded 50% of the total. Marital assets and debts will be totaled and split depending on the needs of each spouse as well as contributions made to the marriage and family, both financially and otherwise. Accurately assessing property value is crucial during the division process.

What Ways Can Assets Be Valued During a Divorce?

Generally fair market value and an appraisal are the most common ways to determine what your assets are worth during your divorce. Fair market value refers to how much an item would potentially sell for if it was put on the market today. This is an important factor because it shows the couple and the court what the going rate for that particular item is and can help determine which spouse should receive it.

An appraisal is a helpful tool as well during the divorce process. A professional in that particular niche subject can draft up a detailed report, the appraisal, that explains the value of an item and why it is worth what it is. Having help from professionals is one of the best ways to ensure fair distribution.

Keep in mind that some things may be worth more to you than it would be if it were to be sold today. There is something to be said for emotional attachments to property. A piece of costume jewelry, for example, may be technically worth $20 but if it was a piece that your mother wore often and passed down to you it might be worth 10 times that to you. The financial aspect of property division is important but keep in mind that both you and your spouse may be willing to sacrifice certain items to keep something of significant sentimental value.

How Can An Attorney Help With Asset Division?

Your lawyer can be a great help during the process of property division. They have experience and knowledge regarding asset distribution and can help use negotiation tactics to ensure you receive the property you want during your divorce. They will also be able to connect you with economic professionals and appraisers to help evaluate your assets. Reach out to a skilled attorney today.