The importance of preparing an inventory of movable assets in a case of divorce
Are you going through a rough divorce? You cannot reach an agreement on the market value to be assigned to tools, furniture or kitchen items? Your family assets are quite considerable and include certain collectibles such as works of art, antiques, jewellery, bottles of wine?
Market value of a movable asset
When a dispute arises regarding the division of assets, relying on an inventory and appraisal of movable assets prepared by an independent, recognized expert is often the ideal solution. This person will come to your home and make an inventory of all the movable assets, and then prepare a full report including photos, descriptions and fair market values. After that, there are two options available. You can either use the report to support your case, or share the report to come to a solution and a mutually agreeable arrangement.
Generally speaking, people don’t think that there could be serious consequences from assigning a value to an object, but that is not so. There are many rules to be followed when it comes to determining the fair market value of a movable asset. There are many factors that a good appraiser must consider. For example, appraising a work of art is complex because the market value could be either the gallery price, or the price at auction.
Some people may rely on popular resale sites where the prices are set by the seller, and are sometimes far from the actual market value of the asset. Personal property appraisers use specialized pay-per-use sites to find comparables based on transactions that have taken place in the past. In the eyes of the law, you will be protected because the work will be done in accordance with industry standards and with the Uniform Standards of Professional Appraisal Practice.
Separating or divorcing is a very difficult experience. Make your life easier by using the services of an expert for the appraisal and inventory of movable assets.