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What to know about valuing assets in a divorce

On Behalf of | Jun 3, 2022 | Family Law | 0 comments

Valuing your assets when you divorce is an important part of dividing your property. You need to know how much each asset is worth in order to fairly divide them between you and your spouse.

However, CNBC explains that putting a value on your assets can be tricky. There are several important things that you need to make sure you think about.

The state of the economy

If you are valuing your home, for example, then you must consider the current state of the housing market conditions. This can greatly impact the overall value of your home, so you may want to change how you handle the home if the market is not favorable to sellers at the time.

Taxes and fees

Taxes will always play a role in valuing assets. You will likely have taxes on anything you own that you will sell. They also apply to various financial accounts, including retirement accounts. In some circumstances, the taxes and fees involved could be significant and are critical to understand before making any decisions.

Sentimental value

Sentimental value may also play a part in valuing your assets. While it will not impact the monetary value of an asset, it could impact how you approach dividing the property or the decisions you make about its worth to you.

You should always consult with professionals about valuation. It is not an easy process, and there are far more considerations to think about than you may know. Getting a fair value on each asset is essential to a fair property division process, so it is well worth it to get some professional input.