One of the most challenging parts of a divorce is determining how to divide up the assets you and your spouse collected over the years. However, the process isn’t always difficult. Some couples are on the same page and can settle their property division issues without ever having to set foot in the courtroom. With the help of your individual attorneys and sometimes, a third-party mediator, the spouses can reach a settlement agreement that specifies who gets what. The court will then review the agreement and grant an order approving the settlement.
However, particularly with high-asset divorces, it can be difficult for the divorcing couple to decide who gets what. In such cases, the courts will get involved. In equitable distribution states such as Pennsylvania, courts will determine how to distribute marital property ‘fairly and equitably’ between divorcing spouses.
Before property can be distributed, it must be valued. Real estate appraisers and other valuation experts are often used to inspect a given asset and give their unbiased opinion on the value of the item.
- Comparative Market Analysis (CMA) – CMA is often used to determine the value of a home based on any upgrades or special features the home has. The value of the home may have appreciated or depreciated over time.
- Cost Approach – This method considers the amount of money it would take to replace an item. This is generally used on more generic items.
- Revenue Approach – This method is often used to evaluate investment properties that may continue to generate revenue long after the divorce is finalized.
If you are trying to divide up your marital assets but you spend most of your time fighting with your ex, it may be time to contact a professional attorney who can assist in these matters.