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Estimating the Market Value of Marital Assets during Divorce

Blog 2019 August Estimating the Market Value of Marital Assets during Divorce
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Estimating the Market Value of Marital Assets during Divorce

Posted By Law Offices of Robert Stepniak || 23-Aug-2019

Property division is one of the most important aspects of a divorce. Since Florida is an “equitable distribution” state, the courts will assess the value of significant assets (e.g. houses, motor vehicles, retirement plans, and valuable collectibles) and ensure each spouse receives their fair share.

Regarding high-asset divorces, the property division process can be quite complex. There are certain steps you need to take to obtain the most favorable award or settlement.

The following are the proper steps to take when estimating the market value of your marital assets in a Florida divorce:

  1. Estimate the value of your assets on your own – Although the courts divide your marital assets based on their value, you still need to provide them with your own estimates. Before doing so, you must determine the cutoff date for the valuation process. If you and your spouse with to go to court, the cutoff date is often the date of the trial. On the other hand, if both parties divorce through a settlement, you can decide the cutoff date.
  2. Hire an appraiser – Determine which assets need appraisals first since seeking help from an appraiser to evaluate your property and create a detailed report can take some time. This professional can figure out the “fair market value”—or how much someone else is willing to pay—for each asset.
  3. Hire an accountant – When it comes to your retirement benefits, it is wise to hire a certified public accountant who is experienced in valuing retirement funds and pensions based on Florida’s divorce laws. Your accountant will use “coverture fraction,” which is a tool to separate that portion of retirement benefits earned during marriage from the portion earned outside the marriage.
  4. Determine the value of less valuable items – Whether it’s your automobile or your television, establish the value of less valuable items last. For vehicles, check the NADA Guide or a Kelly Blue Book and then subtract any remaining loan balances. For electronics or furniture, check out Craigslist, eBay, and other similar websites to determine the prices listed for your exact item in the same condition.

If you are interested in filing for divorce in Florida, contact the Law Offices of Robert Stepniak today.

Categories: Divorce

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Toll Free: (877) 256-4750
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