Appraisal Witness: Qualified Expert

Appraisal Witness: Qualified Expert

Divorce Appraisal of Business Assets

Divorce Appraisal of Business Assets is imperative to avoid much litigation. Divorce creates many problems, one of which is the division of assets. When business is involved, it can become even further complicated, which is why a divorce appraisal of the business should conducted during divorce proceedings. Even if the business is held in the name of a single spouse, if the business was purchased, financed or improved upon during the marital period, both parties are entitled to an equitable division.

It is not unusual for only one spouse to be actively involved in the business, which is why a divorce appraisal is necessary. Whether purposely or not, that partner will usually underestimate the value of the business. If the inactive business spouse fails to ensure that a divorce appraisal is undertaken, they may find in the future that they have not received a fair distribution of the marital assets. It is likely to cost you more financially to forego a divorce appraisal, rather than paying the upfront cost of a divorce appraisal to be conducted during divorce proceedings.

Cases over the years, where one spouse has taken the word of their partner about the estimation of a business, and failed to instigate a divorce appraisal, clearly demonstrate the risk you take in failing to ensure a divorce appraisal is undertaken.

A prime example is a case where the husband informs the wife that the business is worth 2 million. Wanting to get divorce proceedings over quickly, the wife agrees to a division of assets based upon the figure indicated by her husband. Once the divorce was finalized, the business was then sold for 12 million,  far more than the estimate originally given to the wife.
Had a divorce appraisal be conducted, this situation would not have occurred. And though a lawsuit can be brought against the ex-husband, it is unlikely to be successful when no divorce appraisal was undertaken during divorce proceedings.

To ensure that you don’t end up in the same situation, it is important that should you be undergoing a divorce, you seek a divorce appraisal to ensure that all assets are valued and distributed fairly. While you might believe that you are saving money by foregoing a divorce appraisal, it is likely that you will actually be losing money.

An accredited divorce appraiser will provide you with a detailed analysis and reports, which is important even during civil divorce proceedings. It is also possible to choose a joint appraiser, so that both parties are able to split the cost of the appraisal. In either case you will need an expert appraisal witness to give irrefutable testimony should the appraisal need to be defended.

Accredited appraisers will follow the USPAP 2012 rules and regulations when conducting a divorce appraisal, so even if two different appraisers were to conduct an evaluation of the same assets, the values they arrive at may not be exactly the same, but should be fairly close.

Whether it’s a corner store, or a multi-million dollar business involved, a divorce appraisal should always be conducted once divorce proceedings begin, to ensure equitable distribution occurs.

Durkin Valuations Associates Has:

  • Seven Senior Professional Appraisers Nationwide
  • 70 years combined valuation experience
  • Acreditations; ASA, NAPA, GPPA
  • USPAP 2012 – 2013 Cpmpliant
  • Qualified as EXPERT APPRAISAL WITNESSES

Give us a call at (617) 720-0332.

Expert Appraisal Witness
  1. (required)
  2. (valid email required)
Please answer the Human verification question.
 

cforms contact form by delicious:days


divorce appraisal,appraiser

Technorati Tags: ,

Be Sociable, Share!

Leave a Reply


This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news



Investopedia (blog)

How to Donate to Charity Using Bitcoin
Investopedia (blog)
Property donations are reckoned in terms of fair market value, which is easy enough to determine for bitcoin and other major cryptocurrencies. CoinDesk's bitcoin price index is widely followed and accepted, for example. (See also, How the New Tax Law ...




Ask Kim: Make sure you have proof to support charitable tax deductions
Chicago Tribune
Noncash donations: A charity will provide a form acknowledging a gift of, say, clothes or furniture, but it's up to you to determine the value. You can deduct the fair market value of the items, which is what you would get for the items based on their ...




What records should I keep when claiming deductions?
Chicago Tribune
Non-cash donations: A charity will provide a form acknowledging a gift of clothes or furniture, but it's up to you to determine the value. You can deduct the fair market value of the items, which is what you would get for the items based on their age ...

and more »



Camp Verde Bugle

What's Happening: Feb. 21, 2018 | Camp Verde Bugle | Camp ...
Camp Verde Bugle
This month only, Contra dance in Clarkdale will be held on the 4th Saturday: Feb. 24. The featured band will be Under the Bridge, featuring Sonja Whisman on fiddle and Ron Barton on guitar. (Courtesy Photo). Originally Published: February 20, 2018 11 ...

and more »



Dallas News

Andrew White's latest big bet: Top 8 other Democratic contenders to challenge GOP Gov. Greg Abbott
Dallas News
He, Stacey and their three children live in a $2 million, 5,600-square-foot River Oaks home, according to Harris County appraisal records. The family owns millions of dollars worth of blue-chip stocks such as Apple and Berkshire Hathaway and shares in ...




Failure To Substantiate Charitable Contributions Costs Family $142000 In Deductions
Forbes
The Form 8283 did not contain other required information, including the individual items of property, the basis of the property, the date of acquisition, or the valuation method. And despite the fact that the groupings of similar items far exceeded $5 ...




Washington Post

How to get a tax write-off from your home remodel
Washington Post
To take a deduction of more than $5,000 worth of materials from the renovation project, the donated materials must be appraised by what the IRS refers to as a “qualified appraiser.” My experience with this process began while designing a new kitchen ...




Camp Verde Bugle

What's Happening: Feb. 18, 2018 | Camp Verde Bugle | Camp ...
Camp Verde Bugle
From right to left: Yavapai County Free Library District Assistant Director Susan Lapis, Clark Memorial Library Coordinator Jeff King, Friends of the Clark Memorial Library Secretary Sybil Melody, and Sybil's sister, Constance Malinowski from Chicago ...

and more »



Boost your charitable giving this year, in case the GOP tax bill becomes law
CNBC
Document your contributions. Regardless of the amount, you must be able to substantiate both cash and non-cash donations. For contributions worth $250 or more, you need written acknowledgement of the gift from the recipient organization. Donations of ...

and more »



CPAPracticeAdvisor.com

IRS Audit: Taxpayers Claim $145000 Income Tax Deduction for Donations to Goodwill
CPAPracticeAdvisor.com
If donated property such as used clothing and household items has declined in value, you can deduct the current fair market value (FMV) of the property. However, additional tax return information is required for gifts valued above certain thresholds ...


Google News

Copyright © 2008, 2009, 2010, 2011, 2012 appraisalwitness.com All rights reserved.
http://appraisalwitness.com/