Value

Determining the value of an item based on what type of property it is.

Real Estate

In most cases, the parties will agree on a real estate appraiser early on in the case and will split the cost of the appraisal. If the spouses cannot agree on an appraiser, the court will order one spouse to provide three appraisers and the other spouse will pick one. Sometimes, the spouses agree to just use Zillow, Redfin, or OpenDoor to appraise the property.

Vehicles

Kelley Bluebook is the most common way to value vehicles. If you need mileage and other information to get a Kelley Bluebook report, you may need to ask for it in discovery documents that require your ex provide information under oath.

Accounts

Most accounts are easy to value. For a checking account, you will need to determine the value of the account as of the date of separation. For an investment account, you'll need its current value, minus any contributions made after separation.

The area that's tricky is retirement accounts and pensions. Retirement accounts are pre-tax accounts that are worth a bit less than the amount in them. Pension accounts are generally divided by the court. The court will sign a court order (called a QDRO) that tells the pension provider to give you a proportional amount whenever your ex retires. Most people prefer to pay a cash settlement and keep their pension.

Businesses

Valuing a business can be expensive, as it requires an expert business appraiser. This appraiser will need to spend a substantial amount of time going over the financial records of the business. In some cases, the spouses agree to split the cost of an appraiser or the court may order the spouses split the fee.

Additionally, we have had success helping clients provide a lay opinion as to the value of a business. This is often the best you can do if you cannot afford an expert appraiser. However, it would be difficult to do well without the help of a lawyer.

Household Goods, Jewelry

Household goods like furniture, pots, and clothes don't typically have any significant value. The court looks at what their value is as a used item, such as at a garage sale, not what was paid for them. Jewelry can be appraised at a pawn shop.