Compassionate. Smart. Experienced.
Asset Valuations – Divorce Lawyer In Colorado
During the divorce process, both parties involved are required to identify and value all of their marital assets and then to provide this information to each other and the court. Collecting this information can be difficult, particularly in situations where either person has many assets or owns a business.
Family Asset Valuations During A Divorce
The valuation of your properties, including furniture, personal property and other household items, is all estimated at their “fair market” value. This is equivalent to what each item would yield if it went up for sale in the current economic market. Generally, cars can be valued easily using Blue Book estimates. For homes, rare items and collectibles, an appraiser may need to be brought in to help value what they are worth. It is important to work in an economic manner as well as with your spouse to attempt to reach reasonable and accurate values for the marital assets. Our office is experienced in dealing with all types of valuation issues and can assist you in resolving any issues that may exist in valuing the assets of your marital estate.
Disclosing Assets: Getting Everything In The Open
Each party is also required to list and disclose any nontangible assets they own, such as bank accounts, retirement accounts, stock options, club memberships, trust interests, etc. Although with many of these assets the value is easily ascertained by viewing the account statement, many nontangible assets create interesting and complex valuation issues. Our firm has extensive experience in identifying and valuing all assets, including even the rarest of marital assets ranging from stock options, business interests and irrevocable trust interests, to name a few.
You and your spouse are also required to accurately list all the debts accumulated over the course of the marriage, as the court will equitably divide any marital debt between the spouses. A complete and accurate listing of any creditors and debt is required by Colorado law.
In order for each party to verify the other party’s assertions, Colorado law requires the mandatory production of documentation supporting the assets, debts and values listed by each party. For instance, each party is required to provide such information as tax returns, paystubs, current accounts statements and other relevant documentation.
Our Divorce Attorneys Can Help You List All Your Assets
In summation, there are often many valuation issues in a dissolution of marriage or legal separation action that require the expertise of an experienced family law attorney. Oftentimes, an experienced attorney can identify economic alternatives to establish fair and equitable values. And if a formal valuation is needed, we can work diligently to determine an appropriate valuation method and valuator. We at Litvak Litvak Mehrtens and Carlton, P.C., pride ourselves in being able to achieve reasonable solutions to the valuation issues presented by any of our clients.