Dividing Unusual Assets

 Posted on December 28, 2017 in High Asset Divorce

Many couples who go through a divorce disagree on what constitutes a fair division of assets. These disagreements can become especially contentious when a couple has a significant amount of assets, or unusual non-traditional property. In these cases, the parties must be able to provide proof of the value of the assets in question to ensure that both individuals receive a fair portion. Unfortunately, this can be a difficult process for certain types of valuable assets, such as fine art, antiques, sports memorabilia, and collectibles, so retaining a high asset divorce attorney who has the resources and experience necessary to grapple with these kinds of issues is critical to the prompt and fair division of property during a divorce.

How Do I Place a Value on Unusual Assets?

Valuation is a key part of the property division process for high asset couples because the amount that each party will receive varies depending on the value of each of their assets. Unfortunately, estimating value for unusual items, such as artwork, can be difficult, as the couple may not even know its actual worth. For this reason, most high asset couples will need to work with an expert appraiser who can inspect the object and then determine how much it would go for at auction.

The type of appraiser secured to estimate value will depend on the type of asset in question, so a couple may need to hire an art appraiser, a professional jeweler, an antiques expert, and even someone who can place a value on virtual or digital assets. Although couples will be responsible for paying these individuals, it is important to do so, as an inaccurate appraisal could end up costing a party thousands of dollars.

How an Attorney Can Help

It is much easier for a spouse to hide assets when a couple has a diverse range of property. Hiring an experienced attorney can go a long way towards ensuring that all property is accounted for and its source determined. The latter step is especially important because whether property is divided equitably will depend on whether it was purchased prior to the wedding or during the marriage. Assets collected during marriage are considered community property and so must be divided equitably.

Aside from locating and identifying assets, an attorney who has handled high asset divorces in the past will have access to a network of reliable and proficient appraisers and experts who can ensure that assets are accurately priced.

Call a Leander High Asset Divorce Attorney

If you are involved in a high asset divorce, you need to speak with an experienced Leander high asset divorce attorney who will aggressively protect your rights and ensure that you receive a fair settlement. Please contact Powers and Kerr, PLLC to schedule a consultation today.

Source:

http://www.dallasbar.org/book-page/digital-and-virtual-assets-divorce