Individuals preparing for divorce often require the help of multiple professionals. They need an attorney to educate them about state law and the divorce process overall. The support of other professionals may also be necessary for the optimal protection of divorcing spouses.
Sometimes, parents with young children need a parenting coordinator to help them determine the best way to share time and responsibility for their children. Other times, spouses need help reviewing and properly valuing the marital estate. Some people hire forensic accountants if they suspect that their spouses may have lied about financial matters or hidden property.
Others may work with a variety of different niche professionals to determine what different assets are worth. Working with professionals to determine the value of marital property can be an important component of divorce.
Valuation is critical to fairness
Under equitable distribution rules, each spouse should receive a fair portion of the marital estate. What exactly that means can be significantly different from one case to the next. Factors including the current income and health of both spouses and the overall value of the marital estate influence the best way to distribute property and financial responsibilities.
Spouses need to know the fair market value of their resources to negotiate a fair settlement. Assets ranging from businesses and real property to investment portfolios and personal collections, such as art, wine or jewelry, may require professional valuation. What people paid for these assets may no longer accurately represent their worth should the spouses liquidate their property or seek to replace their assets.
Even in scenarios where it is clear that one spouse should retain certain assets, the other spouse needs to know what they are worth to address them fairly. Real estate appraisers, business finance professionals and other experts can help provide insight into the true value of different marital assets. With property valuations, spouses can better understand the totality of the marital estate and push for fair terms.
Spouses who know what their property is worth can strengthen their position as they begin negotiating the terms of asset distribution. Getting the right support while preparing for a complex divorce can help people rebuild more effectively after the end of a marriage.