Before assets can be divided, they have to be properly valued. However, this process can be difficult and, depending on the complexity, expensive. Therefore, it is important to work with an experienced professional when assigning value to assets in Orland Park.
Our well-versed division of assets lawyers at Reidy Law Office LLC can help guide you through the process to make sure any agreement is fair to you. Get the help you need by reaching out to us today.
Assigning value in the scope of the division of assets works in a couple of ways. The parties could either agree to the value or work to find evidence to prove the value. For example, with a house, a person could use some tools that are available online such as Zillow to get an estimate of what a house might be worth. If both parties agree, they can work on finding a plan to divide the asset. If one party thinks it is worth significantly more or less, they would need to find evidence of this. In this scenario, a party might have to hire an appraiser to look at the house and come up with a value.
The best course of action the parties could take is to try and come to an agreement. Usually, there is a compromise. When there is not, it becomes a battle of the experts and who could prove what the value of the asset is. An attorney can explain the process of appraising an asset.
Factors that go into assigning value to something include the age of the property and location, depending upon what they are valuing. The standard the court will use is the fair market value, meaning the transactional price range that a good-faith buyer and a good-faith seller would agree upon. However, assessing fair market value can be difficult.
When a party has a privately-owned business, there is often goodwill, meaning what that business would make without the owner. For example, if the business primarily relies upon the owner’s name, it is hard to assess what that business might be worth without the owner. A lawyer can help examine the specific factors necessary to assign value to an asset.
The process of tracing separate contributions to the acquisition of marital assets involves assigning the value of the asset to each party. Forensic accounting could help assign a dollar value to the asset. A forensic accountant can follow money, deposits, and transactions, and assign it to a person. However, it is important to note that this process can be incredibly expensive so it is important to determine whether the expense is worth it.
Further, the proper execution of asset division is not guaranteed. It is important that each party does research to determine how an asset would best be divided. An attorney can help determine the best way to assign value to an asset.
In an Orland Park divorce, assigning value to assets is a crucial part of dividing them. However, it can become contentious if the parties disagree about the value of an asset or their contributions. Therefore, it is important to get the help you need from a knowledgeable attorney. Call Reidy Law Office LLC today to get started.