When divorce papers are filed in Elizabethtown, Kentucky, you will be overwhelmed, stressed, concerned and just about any other emotion under the sun. You will often wonder how the process plays out from start to finish. One important part of the entire process is dividing up the assets that are considered part of the marriage. Prior to dividing these assets, you will need to have them valued.
If you own a business, get ready for it to be valued in the divorce. You could very well lose half of the business to your spouse in the divorce agreement. A business can be valued in one of three ways: an income approach, an asset approach and an a market approach. Your company’s tax records, profit and loss statements, balance sheets and the industry in which it operates will all be reviewed.
The fair market value of all your vehicles will need to be valued in a divorce in Kentucky. This can be done by taking the vehicles to a local dealership to ask what the dealer would pay to buy them. You can also find the value by using Edmonds or Kelley Blue Book.
Your marital home also needs to be valued when going through a divorce. This can be done using the remaining balance on the mortgage, the original purchase price or the market value of the home at the time of the divorce. You and your spouse can also come to an agreement on the value of the home on your own.
Now that you know how assets are valued in a divorce in Kentucky, you can prepare for what’s to come. Be sure you disclose all of your assets, including bank accounts, retirement accounts and investment accounts.