It is not surprising that when parties are proceeding with a divorce there usually remain items that the parties are unable to agree to – in either determining the value or the allocation – of certain property and assets. While some things can be straightforward, such as the balance in a bank account, other items can prove to be quite complex.
Some items that are usually needing a determination can include a residence, investment property, vehicle, boat, business entity, commercial real estate, retirement and investment accounts just to name a few. If the parties are unable to agree to a value then the court may order or the attorneys may agree to the appointment of an expert to provide an appraisal, a valuation, or professional analysis to aid the court or the parties in making a final determination as to its value. This is important in that a specific value can greatly increase or decrease the overall marital estate, which directly impacts the subsequent allocation of the marital estate (who gets what) in the divorce.
There are many ways to aid your divorce attorneys in preparing your file. Compiling supporting documentation that you already have can give your legal team and any appointed or agreed upon experts the background information necessary to make a present determination. For example, if the fair market value of a residence is not agreed to then you should look for the following documentation that you should already have on hand: title, purchase records, current mortgage statement, improvements, taxes, insurance, any previous appraisal or comparative market analysis of the property.
You should work closely with your Chicago divorce attorney and professional team (appointed or agreed to) in order to ensure a thorough, fully disclosed, professional review and analysis is completed for any property, businesses, or accounts. Ward Family Law, LLC has the family law and divorce experience you need to get the marital estate allocation you are entitled to under the law.
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