On behalf of The Law Office of Gustavo E. Frances, P.A.
If you are going through a divorce or are considering separating from your significant other, you are undoubtedly going through a stressful time. Divorce cases can become complicated, particularly when it comes to dividing marital assets. Florida operates under an equitable distribution rule, which means that marital property must be divided equitably and fairly, though not necessarily equally. This does not always mean there will be a 50/50 split. However, it is incredibly important that all property be valued correctly during this process to ensure that the assets are split as fairly as possible.
Will You Need An Appraisal Of Marital Property?
In many cases, the largest asset that a married couple has between them is the marital home. It is important to determine the proper value of a marital home regardless of whether or not the home will be sold due to the divorce.
Why is that the case?
If the home is going to be sold, then the answer to why an appraisal is necessary is obvious. All homes need to be appraised to ensure that the sellers receive fair value in the sale. However, even if one spouse is going to keep the home after the divorce, an appraisal gives all parties involved an idea of the amount of money that the other spouse needs to be compensated with to ensure an equitable distribution of all marital assets.
In these situations, the divorcing couple should involve a professional third-party appraiser to help determine the true and fair value of the home. As part of the appraisal process, the appraiser will consider internal and external factors, including the structure, the property, and the surrounding neighborhood environment.
A professional third-party appraiser should be used for any real property that a married couple has between them, whether or not there is a dwelling or structure on the property or not.
What About Other Property During A Divorce?
Aside from real estate, marital couples usually have other types of property between them. However, a third-party appraiser is not usually going to be necessary unless the property has a significantly high value (collectable items, professional artwork, etc.).
For vehicles, couples and their attorneys can use a variety of valuation services that are available online to reach a fair amount. For other items, such as furniture, appliances, tools, and more, the value of these amounts will typically be the value that they would sell for at a yard sale or other type of similar sale situation. The cost of these items new or the replacement value would not be a fair assessment for smaller property items.
Let Us Help With Your Divorce Property Division Case
If you are going through a divorce and are struggling to determine how the marital property will be divided between you and your spouse, you need to speak to an attorney about your case as soon as possible. Property division is often the most contentious part of a divorce process, and you need to be sure that the property is valued correctly. At The Law Office of Gustavo E. Frances, you can count on a Fort Lauderdale property division attorney that understands every aspect of this process. Let us help you get through this in the most equitable manner possible. You can contact us for a free consultation of your case by clicking here or calling 954-533-2756.