Connecticut law requires divorcing couples to divide all property that the spouses own separately and together. Determining a fair division requires a couple to agree on the value of both their debts and assets. The appraisal of assets and liabilities in Southbury can be a complex process, but working with a knowledgeable property division attorney can help. Our lawyers have a broad network of professionals with experience in assessing the value of all manner of assets and debt.
Under Connecticut General Statute § 46b-81(a), everything spouses own on their separation date must be divided equitably. Couples can retain more control over the process by negotiating a property division agreement and submitting it to the court for approval. When a couple cannot agree, a judge will hear evidence and divide the property pursuant to equitable standards.
Couples with limited property often find it relatively easy to divide their property. However, those with higher and more varied assets may require professional assistance to determine their property’s value.
Ideally, couples will jointly choose an appraiser or valuation professional and agree to accept their opinion. Other couples may each find their own valuation experts and use their opinions to support their property division proposal. These latter cases often require a judge to evaluate the appraisals and make the property division decision, so representation by an experienced Southbury divorce attorney is essential.
Some couples need only one or two valuations to proceed with their divorce. Others with more complex finances may need several different types of appraisals.
A family home is many couples’ most valuable asset. A real estate appraiser can assess its fair market value by looking at other recent sales in the area. The amount of mortgage debt on the property is also a factor in its value for property division purposes.
Assessing the value of real estate becomes more challenging when a couple owns commercial or investment properties, undeveloped land, or beneficial interests like easements or rights of first refusal. Depending on the type of property, its value might be calculated based on its potential for development, income-generating potential, profitability, or the cost of constructing a similar property.
When a spouse is a business owner, verifying the value of the business may require a CPA audit. If there is a question that a spouse is underreporting the business’s value, the other spouse may need to hire a forensic accountant to investigate.
Verifying any business liabilities and assigning them appropriately is another essential step when a spouse has an interest in a business. High-level executives in Connecticut often have complex compensation schemes, and valuing these interests requires tax specialists and financial experts.
Pensions and retirement accounts are subject to division in a divorce. Depending on the type of account, a professional valuation may be necessary. For defined contribution plans—Individual Retirement Accounts (IRAs), 401(k)s, and 401(b)s—the value of the account is the balance at the time of divorce.
Pensions, employee stock ownership plans (ESOPs), and other specialized retirement plans typically require a professional valuation. It is essential to work with a Southbury property division attorney with significant experience dividing these types of assets.
Some couples hold substantial wealth in art, jewelry, antiques, and other collectibles. Establishing the value of this type of property usually requires expert opinions.
Collections of personal property often have considerable sentimental value. In some cases, one spouse is willing to make financial concessions in order to retain ownership of the collection. These are personal decisions that a spouse should make in conjunction with a skilled legal professional.
Obtaining professional valuations of marital assets is time-consuming and can be contentious. However, it is essential to achieving a fair property division outcome.
Our lawyers can guide you through the appraisal of assets and liabilities in Southbury. Contact us for help with any issues regarding property evaluation in divorce.
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