If you and your spouse divorce in Indiana, you will need to divide your assets. If you have substantial assets, like real estate, businesses, investments or other similar items, it may be necessary to have a property valuation.
Valuation process
In most cases, the goal of the valuation process is to determine the fair market value of the property so it can be divided equitably between you and your spouse. The process will vary depending on the type of asset being valued.
If the assets include real estate, a real estate appraiser can determine its value. This includes your primary residence, vacation homes, and rental properties you own.
A personal property appraiser can also help you determine the value of personal items, like jewelry, antiques, family heirlooms and art.
If you and your spouse own a business, you may need a professional business valuation.
Once the valuation of all assets is complete, you and your spouse can decide how to divide your property. If you cannot reach an agreement, the court can make a final decision which is binding.
Asset examples
There are several types of property that may be part of the valuation. In addition to the items listed above, you may consider valuation for intellectual property you own, such as copyrights, trademarks or patents.
If you own expensive cars, boats or airplanes, those can and will likely be valued as well. In addition to your assets, you will need to divide your debt, including mortgages, credit card debt and other loans.
Contact an attorney at Ruppert & Schaefer today if you have questions about how assets and debts are treated in a divorce matter.