Matrimonial
Matrimonial – Appraisal For A Separation
When dividing a marital estate, it is crucial to have all assets professionally evaluated to ensure a fair and just settlement. Various dates, such as the date of marriage, date of separation, and current market value, might hold significance for the valuation process. It is the responsibility of the respective accountants, lawyers, or mediators to inform the appraisal firm about the specific dates to be considered during the appraisal.
In cases where legal professionals are overseeing the separation in a court of law, it is vital for the appraiser to adhere to the guidelines specified in the Supreme Court Family Rules when preparing the report. The appraiser is required to maintain impartiality and avoid favoring either party, possess expertise in the field, and be prepared to act as an expert witness if necessary.
Appraisals in Buyout Procedures
A certified appraisal can be beneficial in various procedures, including buyouts. During a buyout, the following general steps are typically taken:
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The spouses reach an agreement on the fair market value of the property or assets in question.
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The spouse acquiring full ownership of the property pays the other spouse half of The Agreed-upon value, either in a lump sum or as per a legally determined payment schedule, depending on the circumstances.
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If mortgage payments are ongoing, arrangements may be made to release the selling spouse from their mortgage responsibilities as part of the transaction.