Randy Perskin: Discussing Divorce

Despite the emotional concerns involved, the dissolution of a marriage can be business oriented involving many economic issues such as the distribution of assets and support. In this regard, professionals other than legal counsel can be useful. An attorney will guide you through the legal issues of your action whereas experts in other fields can offer support in different areas.

One of the most valuable assets maintained by many couples is the marital home. A real estate appraiser is instrumental in determining the value of a home for litigation purposes. An appraiser can observe market trends, compare a home to others currently on the market, evaluate recent sales and determine the value of improvements.

Additionally, a business appraiser might be necessary to establish the worth of a venture or practice built up during the course of a marriage. A proprietary interest in a professional or business organization is a valuable asset and often determines the income level of a spouse. An appraiser can accurately determine the worth of the venture by reviewing its assets and liabilities.

There are financial institutions that can help evaluate your current economic situation in preparation for a matrimonial action. Advice regarding current economic status, value of stocks and bonds and income level could help tremendously in accurately determining your financial needs post divorce.

It is always useful to communicate with an accountant. There are tax implications involved in divorce. If a couple has usually filed a joint return but each spouse will be paying taxes on an individual basis post divorce, the amount owed and deductions available will vary. Additionally, tax returns of minor children, if required, could look differently depending on which parent’s basis they adopt.

Although there are situations where both parties share the expense of the appraisers, it is often a better choice to hire them on an individual basis since the valuation of a business or home might differ depending on the circumstances. If a personal relationship with an appraiser already exists, use it. In the alternative, your matrimonial attorney is a good resource for a referral.