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Property division is one of the main aspects of divorce. Maryland courts divide “marital property” based on established concepts. The idea mainly is you should split all marital property “equally” between parties.Sometimes, there can be debate or confusion about the value of the marital property. Let's say, one appraiser values a property, a house, a car, etc. – at a certain price. But another appraiser might disagree with this audit.There are cases where this is more likely to be the case. In this post, we’re going to discuss situations where hiring a CPA or other financial expert is vital.
Your Real Property in an Unstable Market That is up For Property Division
Consider this scenario: a young married couple buys a house together soon after their wedding. The house is in an “up and coming” neighborhood. In 5 years, the property appreciates largely in value. At the time of purchase, the house is roughly $200,000. 5 years later, they will value their house between $550,000 to $700,000.This means the market where the real estate is located may be unstable, or prone to fluctuate. Given the range for this property, hiring a professional real estate appraiser would be helpful because property value is important in in a final property division between the parties.If they decide to divorce after 5 years, when the house is now more valuable, the range of value can impact how they will divide the property.Judges can take different methods for property division – assign property, order a sale and division of proceeds, etc. The property value can impact these methods.
You Have Valuable Personal Property At Issue in A Property Division
Another scenario: a young married couple gets a collection of valuable personal property: jewelry, rare coins, and antique paper currency. The couple gets all the property during the marriage itself, so there is no dispute as to whether the property is marital or separate.For some tangible personal property, like rare collectibles, the market value can often be subjective. Valuation is usually tied to auction records. Certain rare coins, for example, can be highly valuable but are often sold in auction houses, not in retail shops at lower values.Gaining an accurate valuation requires counsel from an independent professional. Again, just as with real estate, pinning down an accurate value for these items is highly significant in the context of property division.
Contact The Murphy Law Firm for More Information
If you’d like to learn more, reach out to The Murphy Law Firm today by calling 240-493-9116.
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