The property in a divorce might be a truck, might be gold, household goods and other sorts of things. The court is going to have to make a decision on value. For example, if we’re talking about banking accounts, that’s going to be very easy to determine. The couple divorcing can look at what the value of the bank accounts were on the date of separation. Tangible personal property are things like computers, clothing, furniture, anything that’s considered to be tangible.
Most often the couple will come to an agreement about what they want when it comes to tangible personal property. They divide those things. Now in very exceptional circumstances what can happen is when it comes to tangible personal property, the court can hear from a personal property appraiser. They can put their own number on what they think the value is or one can hire an appraiser and the appraiser can take the property into account and try to come up with a number.
The personal property appraiser or the real estate appraiser is certainly going to have greater sway than what one of the spouse’s thinks. Oftentimes when trying to evaluate property, one can think what they could sell the items for at a yard sale. The other option some people do to determine value is go online and use that as a resource to determine the value of any piece of property such as a vehicle. One can go to other sources that are on the internet and that’ll give a pretty good idea as to what the value of for example, a motor vehicle would be. You are signing the financial statement under oath that to the best of your knowledge, this is the value of any given piece of property, so it is important to be honest and as accurate as possible.