Dividing your assets is often one of the most pressing matters in your divorce. It brings along with it a long list of questions, regarding ownership and value. Finding the answer to what each asset is worth will be critical – though the process can be complicated. In many cases, you will have to obtain an appraisal for certain assets.
Why get assets appraised?
Determining what your marital assets are worth is a critical step in divorce. Seeking an appraisal of assets is key in this process, as it can help:
- Get an informed valuation: You may have some idea of what certain assets are worth. However, obtaining the exact value is necessary – and requires more calculation. Getting an official appraisal of assets ensures you consider market value and economic changes.
- Factor in changes: Not all assets retain their value from the moment you purchase them. Certain assets, like vehicles, lose value over time. On the other hand, others might increase in value, such as investments, art pieces or collectibles. You may be well aware that the values may change, but it will be essential to calculate just how much they did.
There are many details that affect the value of assets. Time, use and the condition of the item can all make a difference. An official appraisal considers all these factors.
Most importantly? It ensures fairness
An appraisal provides you with information on your assets. In turn, you can use that information in the process of property division. It helps to know the financial value of your assets, so you can:
- Determine which assets you would like to keep after the divorce
- Reach a settlement to equitably distribute assets between you and your ex-spouse
- Trade certain assets for others of an equal value
Of course, there are several other details you must consider when dividing your property in North Carolina. However, understanding what your assets are worth is the foundation that can help make the process easier.