When facing the prospect of a divorce, Michigan couples are naturally very concerned with their post-divorce financial stability. For divorces involving valuable assets or other high-stakes property, it is crucial to tread carefully when disclosing marital assets and negotiating terms of a property division agreement.
One of the most important steps in an appropriate and fair property division agreement is to properly value important assets. From real estate holdings to business assets, fair valuation is essential for a fair agreement. You would be wise to take whatever steps necessary to protect your financial interests.
What does asset valuation mean anyway?
Asset valuation is a process that involves determining an appropriate value for property, such as a small business, home or other types of real property. You can do this through comparisons, looking at transactional values and more. The various types of property for which you may need to have an accurate value for property division reasons include:
- Intangible assets: This includes brand, goodwill labor and other assets that are not necessarily physical items.
- Tangible assets: This includes any asset that is physical, including buildings, objects of value, equipment and more.
You may not think that this step is extremely important for your individual situation, but every decision made during the divorce process could have an impact on your future. Asset valuation could be an appropriate decision by which you ensure you receive your fair share of marital property, especially if you and your spouse have an interest in a small business.
Current and future value of assets
Divorce is a difficult process, and you may be tempted simply to just walk though it as quickly as possible, agreeing to terms based on your emotions and not what is actually best for your long-term interests. In addition to evaluating the current value of an asset, it is beneficial to also consider its future value.
Projected growth and earning capacity are just a few of the things you would be wise to consider when working for the proper valuation of any type of tangible or intangible asset during your divorce.
Your strong post-divorce future
The end of a marriage will bring many significant changes to your life, and you would be wise to work to preserve your interests, even before the process begins. You have the right to pursue a beneficial outcome to property division matters, which may also include the right to seek an appropriate value for all marital assets and property. With guidance and determination, you can secure a strong post-divorce future.