An important part of your divorce is dividing your community property – the assets that you and your spouse have acquired during your marriage. Dividing assets can be as simple as ‘you take the dining room set and I’ll take the living room furniture.’ However, frequently there are large assets that must be valued so that their value can be added to the total pot of property to be divided. You can’t cut your home in half, so it needs to have a value placed on it so that each person can receive assets that equal half of that value. Each spouse then is awarded half of the total value of assets. One spouse might get the vacation home while the other might take retirement accounts.
To create a fair division of your community property, each large asset has to have an accurate value placed on it. Often spouses are able to agree on a value for certain assets (for example you might agree about how much your home is worth). However it can be in your best interest to obtain an independent valuation. The marital home is often appraised for value. Family owned businesses particularly need to be valued so that a dollar amount can accurately be placed on them. If you or your spouse has obtained a degree or professional license during marriage, that has a value that needs to be determined. Valuable collections should also be appraised so that their value can be accurately identified. Your attorney can arrange for most valuations that are necessary. You and your ex might each hire an appraiser and the court may have to decide what the accurate value is (often somewhere between the two numbers).
The Sampair Group provides careful, skilled representation in divorce and family law cases in Maricopa County, Arizona. Call us today to schedule a consultation about your case.