Appraisals and How They Are Useful in Valuing Marital Property and Assets
An appraisal is determining the accurate value of something. This is done by using a person who is trained and qualified to appraise and is licensed to carry the title “appraiser”. Probably the most common use of an appraiser is to determine the value of a home or piece of property for someone hoping to buy or sell. Other items such as high-end electronics and furniture, valuable jewelry, antiques, used vehicles, boats, and planes, and old memorabilia are also frequently brought to an appraiser to determine their value for sale or for insurance purposes. Another important use of an appraisal is in the area of Family Law litigation.
When a couple has decided to end a marriage, no matter the length of time the union has lasted, there will undoubtedly be marital assets to divide and frequently marital property as well. In the state of Florida, marital assets are divided equitably, not equally, so it is most important to obtain an accurate value of items considered marital assets and/or marital property. Hopefully, the couple will be able to decide for themselves during mediation (required in Florida prior to the setting of a court date) how marital assets and marital property should be divided, but this doesn’t always happen. Once in the courtroom, a judge will want to see the proof for all allegations as to value of marital items and property. The best way to do this is by using the written or verbal testimony of a qualified appraiser. This is true even if there are receipts proving the cost of an item as age will affect the actual, present day value. The judge will rely heavily when making his or her final decision on whatever values an appraiser puts on an item or piece of property.
For persons with a large amount of property and expensive marital assets, it is wise to use an attorney to guide and represent them through the litigation process of a dissolution of marriage (divorce). An attorney will have an appraiser, already established and familiar with court proceedings, who will be able to give a fair and honest appraisal, one that will satisfy the court. Even in mediation, knowing the up-to-date, fair market value of the property and marital assets helps each party make fair decisions as to how to divide their property and belongings.
If you live in Palm Beach, Martin, St Lucie Miami-Dade, Broward, Orange, or Hillsborough counties in Florida, Washington, or New York DC Family Law attorney Grant Gisondo can answer your questions and be a great help seeing you through a dissolution of marriage. He offers a free, initial, in-office consultation where he will meet with you personally. Call (561) 530-4568 to make an appointment.