Any assets that a married person acquires through inheritance or via gift are considered separate property and are not subject to division upon divorce or separation. However, combining those assets in a joint account may require divorcing spouses to figure out what was separate and what wasn’t. You may have to follow the trail of money and identify where certain assets came from in order to divide it properly.
The burden of proof is on the person who wants to show that their property is separate. If they inherited money, for example, and put it into a joint checking account, they must show the court why it is separate and how much of it is separate in order to recuperate some of it.
Some people hire forensic accountants to trace assets when there’s a lot of money at stake. If someone came into the marriage with a lot of money and it has grown significantly, it may be a great time to hire a forensic accountant as an expert to trace those assets and figure out where that money went. For this reason, assigning value to an asset before division in Mesa can be made easier with the help of one our lawyers.
Appraising a Property
When you are going through a divorce, one of the things that you need to do is make a table or a chart of all of your property and debts. Next, we could help you assign value to each item of property before it gets divided by the Mesa family court located at 222 N Javelina Dr.
Most of the time, items of property are valued by the parties without dispute. Most often, professional appraisers are not engaged as long as there’s not a disagreement or an item isn’t worth a lot of money. However, if the parties don’t agree on the value of real property and real estate, either or both of them can hire appraisers and testify about why their appraisal is correct and the other is wrong.
Assets like businesses, commercial buildings, or gun collections can have a lot of value, as well. It can be difficult to determine an exact value without getting an expert to weigh in on the price.
Fortunately, our team can help you figure out what your property is, how valuable it might be, and then work with you to determine when to seek an outside third party appraisal. If you don’t take it upon yourself to produce evidence of how much something is worth, you risk having the judge assign a much lower or higher value than it deserves.
Some assets gain value over time, while others depreciate in value over time. For this reason, it is important to determine when something was purchased, what the price was at that time, and what might it sell for today. Ultimately, the value is what the item would sell for today.
Part of assigning value to an asset before division in Mesa involves discerning between community and separate property. Whether an item is solely or jointly owned usually depends on whether it was purchased before or during the marriage and with what money. Call us today and let our team help you navigate the complex process associated with determining the value of marital and separate property before asset division takes place in your case.