What is the business valuation process in divorce cases? Can it be fair?
Arkansas Equipment Appraisal. California Equipment Appraisal.
Colorado Equipment Appraisal. Connecticut Equipment Appraisal. Delaware Equipment Appraisal. Florida Equipment Appraisal. Georgia Equipment Appraisal. Idaho Equipment Appraisal.
Illinois Equipment Appraisal. Indiana Equipment Appraisals. Iowa Equipment Appraisal. Kentucky Equipment Appraisal. Louisiana Equipment Appraisal.
Maine Equipment Appraisal. Maryland Equipment Appraisal.
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Massachusetts Equipment Appraisal. Michigan Equipment Appraisal. Minnesota Equipment Appraisal. Mississippi Equipment Appraisal. Missouri Equipment Appraisal. Montana Equipment Appraisal. Nebraska Equipment Appraisal. Nevada Equipment Appraisal. New Hampshire Equipment Appraisal. New Jersey Equipment Appraisal.
This is far from the case. In fact, most loans issued post do not have an assumable loan feature. A spouse can easily determine whether their loan is assumable by looking at their original promissory note. Under no uncertain terms should you apply to assume your mortgage unless you have confirmed that your current lender allows for it.
Many also believe that assuming a loan can be accomplished with a simple call to the bank and a few signatures. When you assume a loan, the lender will require full documentation of your income, assets and other relevant information that will prove you can make payments without the help of your ex-spouse. In this regard, an assumption is no different than a refinance, but you are assuming the loan because you expect to benefit from better terms. The burden remains on you to demonstrate that you can take on the full debt load by yourself.
In fact, by re-amortizing the loan over another 30 years, this could result in a lower monthly payment and create a better overall cash flow. You should certainly take into account the costs you will avoid by assuming a loan instead of refinancing. These can include application fees, appraisal fees and title insurance policies. A refinance typically takes about 30 days, but a loan assumption can take anywhere from three to six months, depending on the lender. Rates in that period of time had increased by 0. There also may be greater documentation requirements, which is not the path of least resistance.
The promissory note will tell you whether the loan is assumable or not. These experts become the deciders in the value of the product able to appraise and establish an appropriate value. The early retention and use of an expert can significantly enhance the chances of settlement and success. As you saw from the chart of profiled case studies, experts are often needed in a broad range of asset appraising.
From vehicles to wine collections, assets are diverse and unique and require an equally distinctive team of experts to evaluate value. An experienced divorce lawyer will be able to contract professional appraisals to value assets and items during divorce proceedings. Some of the experts commonly used to appraise and establish value to assets include:.
A forensic accountant is a specialized accountant who is recognized by the court. A forensic accountant often works closely with lawyers in legal disputes but can also be employed by government, banks, and insurance companies. They are often used to investigate and analyze complex financial matters during divorce proceedings. A forensic accountant may also be consulted if one member of the partnership is concealing assets, if the true income of one partner is difficult to ascertain, or the value of certain assets remains in dispute.
During divorce proceedings, the addition of a business as an asset can create some added complications. Not only is the worth of the business taken into consideration, but the equipment used to run that business is also considered. Equipment appraisers specialize in establishing the value of equipment; they must be certified and the appraisal must be on-site. Fair market value is the only value recognized in litigation for art and collection appraisal. Similar to forensic accountants, forensic computer experts may be used if one party speculates another party is not forthcoming with information or has willingly destroyed electronic information.
Forensic computer experts are specialized in uncovering electronic information that has been hidden or destroyed. However, forensic computer experts may be consulted to uncover hidden assets, undisclosed credit cards or bank accounts and financial manipulations. Many divorce proceedings involve valuing and division of a family home. Real estate appraisers are often consulted to appraise and establish the value of a family home or other real estate. Real estate appraisers are able to identify the features of the home and identify the comparable sales in the location of the home.
Real estate appraisers are also able to appraise rental properties, land, and vacation homes. Real estate appraisers may also be consulted for a historical appraisal to establish the value of a home or property at some time in the past. Vehicle Appraisers are specialists who appraise vehicles using market-based researched values. Watercrafts are generally appraised by surveyors; however, most other vehicles — from vintage cars to aircraft — are appraised by vehicle appraisers.
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The use of experts can ensure that shared and separate assets are given a determined value based on the knowledge and experience of a professional expert. The use of experts can make determining the value of assets a much easier process and provide an indisputable value for all assets. Once the value of the assets has been established, the next steps in the divorce proceeding really depend on the wishes of both parties. Depending on the value of the assets and the financial obligation required for them, parties may be unable to fully accept the division of an asset and will instead decide to sell the asset.
This often occurs with the family home. If neither party is able to financially afford the family home alone or would be more financially stable with a smaller, less expensive home, the couple may choose to sell the family home and divide the associated money from the sale. There are many options during this stage of the proceedings and a credible lawyer will help you choose the best option for you.
Once you get to dividing assets as part of your divorce proceedings, using an expert to establish value can avoid frustrations and make the task much less daunting. Contact us today to schedule a consultation.
Attacking Real Estate & Valuation Experts in a Divorce | Stange Law Firm, PC
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