Every individual contemplating divorce has their own priorities. For many people, the biggest concern is getting the process over with as quickly as possible. It is easy for those preparing for divorce to make mistakes, such as quickly agreeing to concessions during the property division process.
Those facing high-asset divorces in Broward County, Florida, need to understand what is at risk. Those who accept proposed property division settlement terms without the right input may end up agreeing to highly unfair arrangements. Technically, state law requires an equitable distribution of marital property. In order to achieve that goal, couples may need help from professionals to value their most costly resources.
Why asset valuation matters
There are many different types of property that people cannot necessarily share when they divorce. However, those assets are still important to the fairness of the overall property division process. Many assets shift in value over the course of a marriage.
Couples usually don’t continue to share ownership of a home, so they need to know what the house is worth on the current real estate market to properly address its value. A business could be worth hundreds of thousands of dollars and may also represent a source of continued income for one of the spouses. Choosing the right valuation model helps ensure fair solutions for a complex resource.
All too often, couples may overlook personal property and focus almost exclusively on high-worth individual assets like businesses, investment accounts and real estate. Personal property can include high-end designer wardrobes, jewelry, wine collections, fine art and antique furniture.
There are professionals who can help establish what those assets are worth. Doing so is useful even in scenarios where people have no intention of seeking possession of those resources. The spouse keeping the contents of the wine cellar should offset the value of their collection with other marital assets.
The only way for people pursuing high-asset Broward County divorces to ensure a fair outcome during property division negotiations or litigation is to have an objective, professional valuation performed on assets that contribute substantially to the overall marital estate. The cost of acquiring professional valuation services pales in comparison with the benefits derived from securing those services. Spouses may also want to bring in forensic accountants in scenarios where they worry about hidden assets, misrepresented values or the dissipation of marital property.
Being proactive about property division matters can help people lay the foundation for the best possible future after a high-asset divorce. Spouses may need the help of professionals beyond their attorneys to ensure the best possible outcome in a complex Broward County divorce.