Appraisal of Assets and Liabilities in Teaneck
When you are in the midst of a divorce, one of the most daunting parts can be dividing out your assets. An appraisal of assets and liabilities in Teaneck can make it much easier to lay out everything you have available and ensure a fair division of assets. That process can take time; however, it is vital to ensuring both you and your spouse have a full understanding of what assets are available and that things are divided reasonably. Reach out to our property division lawyers to discuss this process.
How the Asset and Liability Appraisal Process Works
The asset and liability appraisal process in Teaneck starts with laying out all the assets and liabilities that a couple has. There are various spreadsheets that can be used to list the name and type of an asset, the name and type of a liability, the listed owner of an asset or the titled responsible party of a liability, the value of each asset or the balance due on the liability, if available, and other information regarding these items.
The value of some assets in particular cannot be stated with certainty. Some such assets include the value of a house, a car or a business. It is therefore imperative to do the following:
- Privately assess the value of any assets
- Bring in appraisers to discuss the current and future value of other items
- Calculate net asset value
Having a clear assessment of the value of those important items can make a big difference in the ability to fairly divide them.
Factors Considered in Asset and Debt Appraisal
Several factors may go into appraising a final asset or liability value and how a couple in Teaneck will divide them.
Potential Future Earnings/Appreciation
Some assets have the potential to appreciate substantially in the future or to bring in more income. For example, a rental property has the potential to bring in substantial income over time. Likewise, if one spouse owns a business, that is an asset that can generate income. Those items can be worth far more than their appraisal value.
Debts and Interest
In addition to assessing the value of assets, a couple will need to take a look at the balances of any debts they have. Some debts may have higher interest rates, which means that the spouse who takes them on may end up making more payments over time. In addition, a couple may consider who acquired that particular debt in their marriage, which can have an impact on how they ultimately divide them.
Assets Without a Direct Value
Some assets can prove difficult to value directly. As a result, a couple may need to look at similar assets for a reasonable market appraisal, and then adapt their current valuation based on the specific assets they have. Those calculations can be a point of contention in some divorces, so working with a lawyer can prove essential to protecting your rights. Examples of these types of assets include houses, cars and collectibles.
Intellectual Property
Intellectual property can have immense value and future earning potential. However, it can prove difficult to value directly, especially if it is not yet used as a source of income. Working with a lawyer can make it easier to lay out the value of intellectual property and how a couple wants to handle the potential for future income from it.
Contact an Attorney to Discuss the Appraisal of Assets and Liabilities in Teaneck Divorces
If you are going through the divorce process, you need a lawyer to help you manage the process and increase the odds that you will receive an ultimately fair and equitable division of assets. Contact Moskowitz Law Group today to discuss the appraisal of assets and liabilities in Teaneck.
