If you are about to go through divorce proceedings and will be evaluating your assets, a Danbury family law attorney advises that you need to understand your marital estate.
To meet the needs of each party in your divorce, you need to amass evidence of what your property is worth. The value of your property is debatable, but if you have the appropriate evidence you are more likely to have an accurate assessment. The following set of tiers shows how the court assesses the worth of your property:
- Most credible: Sale of your house. The sale of your property on the open market is the most reliable method of determining its worth;
- More credible: Appraisal. An experienced real estate advisor is paid to appraise the worth of your house;
- More Credible: Market analysis. A value is placed on your house by a Realtor or another knowledgeable person in real estate; and
- Least Credible: Representation of the parties. Each party states what they think the house is worth without any professional appraisal.
Your attorney will want to support your position with the most credible evidence possible. The more credible your evidence, the more likely the court will accept the value. If you choose the mediation or collaboration route to your divorce, then the only necessary tier is that which satisfies both sides in the dispute.
If you or your spoke do not have knowledge of the value of your property, you are advised to move up the credibility scale or else you might create an inequitable division of your property.
For more information on assessing the value of your marital estate, contact Danbury family law attorney Walter Shalvoy at 203-426-4409.