When you and your spouse share a significant number of assets, understanding what will happen to them when you divorce is vital. Unfortunately, when you have a considerable amount of high-value property and assets, this process can be complex. If you’re going through a divorce, it’s vital to determine the value of assets you and your spouse own to ensure your divorce is fair. Luckily, a Los Angeles division of assets attorney can help you through this complicated process.
What Assets Should Be Valued?
There are generally three kinds of assets that you should have valued. This includes real, tangible, and intangible property.
Real property generally refers to any kind of real estate, such as your home, any land you own, businesses, and other property. Tangible property includes physical property or anything that can generally be quickly liquidated. For example, furniture, paintings, clothing, jewelry, stocks, and other high-value property will qualify as tangible property. Finally, intangible property refers to intellectual property, such as copyrighted or trademarked material.
How Is the Value of Assets Determined?
To determine the value of assets during a divorce, you’ll need to enlist the assistance of experts.
For example, to determine the value of property, a real estate agent will examine numerous factors to help determine the value of your home, land, and other property you own. This includes whether it’s worth appreciated or depreciated during the marriage and what improvements you made to the property.
For tangible property, you can have items like jewelry, art, and fine furniture appraised by experts to determine their value. Finally, an attorney can help advise you the best course of action to take when determining how to divide intellectual property. This is because you’ll need to estimate the future value of the material and whether or not you and your spouse want to split the royalties or if one person should keep it.
How Can a Divorce Attorney Help Me?
When going through a divorce, it’s in your best interest to enlist the help of an attorney. Unfortunately, it’s not uncommon for a spouse to try to hide assets or take more than their share during the distribution process. An attorney can help uncover hidden items to ensure the distribution of your marital assets is fair and just.
It’s best to enlist the assistance of an attorney to help you and your spouse work out any issues you may have, as going to the course means a judge will simply determine which party will receive what asset. This isn’t always ideal, as certain items may hold sentimental value to one party.
At the Zitser Family Law Group, we understand that valuing property can be a complex and overwhelming process. Luckily, our experienced legal team can help you through this process to protect the assets you care about. Contact us today to learn how we can help you through this challenging time.
