Identifying and Valuing Assets in a Divorce
Going through a divorce can be daunting, difficult especially when it comes to dividing assets. A divorce attorney can help with the division of assets and ease the stress of divorce.
The attorneys of Dunsing, Deakins & Galera, LLC work closely with clients in identifying and valuing assets in a divorce in Denver, CO, Avon, CO, Vail Valley, CO, and neighboring areas to help provide a fast and fair resolution.
How Are Assets Identified and Valued in a Divorce?
When couples divorce, the assets, or property, accumulated during their marriage must be divided. In order to divide assets, all assets must first be identified and valued so that they may be evenly or fairly distributed.
There are several processes involved in identifying and valuing assets. Today, we'll take a closer look at how assets are identified and valued in a divorce.
Assets Are Either Community Property or Separate Property
Generally, assets obtained during a marriage are considered community property, meaning the assets belong to both parties.
Property that belongs to one party prior to marriage is considered separate property. Some assets acquired during the marriage can be considered separate property if it were an inheritance or gift.
Assets must be identified as either community or separate property. Once that is determined, the community property can be valued and divided.
Assets Are Identified during the Discovery Process
In order to identify assets, both spouses should provide a disclosure of all known assets and financial information, including debts, during the discovery process. If one or neither party voluntarily provides a disclosure of their assets, the information may be obtained through a subpoena.
Some common assets that may be identified during the discovery process include:
- Real estate
- Pensions and retirement accounts
- Savings accounts
- Cars, trucks, boats or other vehicles
- Jewelry, antiques, and art
How Are Assets Valued?
Before assets can be divided, they must be valued. Valuing assets is necessary so that property can be divided in a way that both parties deem financially fair.
Determining the value of each asset often requires consulting experts in particular fields, such as real estate agents or appraisers, accountants, and jewelry or antique appraisers.
Once a value is given to identified assets, couples and their attorneys can work on dividing assets. It is common for certain assets to hold sentimental value, which can make it difficult for both parties to part with. A divorce attorney can help negotiations so that clients walk away with the assets they value most.
Contact the Divorce Attorneys of Dunsing, Deakins & Galera, LLC
Divorce is a challenging time, often marked by uncertainty about the future. A divorce attorney can provide legal guidance through this difficult time, helping those going through a divorce start the next chapter of their lives with their fair share of assets.
If you're facing divorce, the attorneys of Dunsing, Deakins & Galera, LLC are ready to help you. To schedule a private consultation, we welcome you to call our law firm at (303) 758-8981.