When you are going through a divorce, one of the most contentious issues is the property division process. You and your spouse may not agree on what the value of certain assets is or how to divide them fairly. A Fairfield County family law firm can explain how you can determine a value for these assets.
One manner of determining a value that a Fairfield County family law firm is accustomed to seeing is an estimate of an asset’s value. One party may know the general value of an asset. On the other hand, estimated values are sometimes based on uninformed guesses. One spouse may believe that an asset is worth a percentage of its retail value. However, such an estimate by an adverse party may not be reliable.
Another type of value evaluation that a Fairfield County family law firm is accustomed to is “synergistic value.” This means that a particular buyer may be willing to pay more for an asset than another person. This is usually because the asset would give the potential buyer an economic advantage, such as buying a one-of-a-kind item or the finishing piece of a collection.
Fair Market Value
This evaluation is the most reliable. The fair market value of an item is based on the idea on what a willing buyer would pay for an item from a willing seller.
If you would like advice on how to determine the value of your assets, contact Fairfield County family lawyer Gary Mitchell at 888-452-1846.