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4 year old appraised household

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  • 4 year old appraised household

    I have been ask to come up with the today value for the 4 year old appraised household assets. Is there a rule of thumb % that the courts use for never-ending separation / divorce settlement? All the newer and good things the ex took with her.

    TKU
    F_P

  • #2
    Can you clarify your question?

    "4 year old appraised" means they were appraised 4 years ago? Or that they were bought 4 years ago?

    "thumb % that the courts use for never-ending separation / divorce settlement?" Maybe you are referring to what % of purchase price to use?

    For assets, use the garage-sale (or rather, the kijiji/craigslist value) i.e. how much you would spend to purchase the an equivalent item used. Search on kijiji to get an idea.

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    • #3
      Use fair values. If they are numbers going into a financial statement then do the best you can. Often times, people will divide household property on their own and simply put "household items divided equally by the parties" since a few hundred up or down is not worth fighting in court.

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      • #4
        Clarification

        Clarification;
        I /we had a lot of tools and junk. Ex's lawyer wanted everything I owned appraised with the household assets. So I used the service of an Estate and Bankruptcy clearing and auction house to do the total appraisal. They did a vary good job and their report was itemized and document with pictures They noted my tools and "my Junk" so there could be hopefully no arguments. This was 4.5 years ago. Both my lawyer and I were happy with the work that was done. At the time I was told the appraisal came in higher than what would be expected for a somewhat middle class family. It was almost bubbled because of my stuff (tools and material as I was self-employed at the time.)
        The EX took 1/4 of what was in the report and the rest is still here. I have not done anything with what was left. Just in case of any future questions.
        It is this remaining items I have been ask what the wealth at today's price is. The ex thinks the stuff is now wreath more money!!!!
        That's why I'm asking if there is a % the court has used in cases like this. I do not want to bring an appraiser back in here if there is a simpler way of doing it. If there isn't then I'm thinking of having a yard sale and document everything. There is a lot of things I would at some point in time like to give to my family. I tried that once and the ex came back and said the stuff I was giving away was worth more than the appraisal; so she wanted it to show it was added to my N W. !!!
        There is no separation or divorce settlement as of yet. Court date is a few days before this Christmas. Someday there will be a final curtain call after the final act to this D rated Drama.
        So is there a % adjustment the courts sometime use?

        TKU
        F_P

        Comment


        • #5
          Valuation date is the date of separation. You were separated years ago, your wife left, took some of the possessions with her.

          Why would they need another valuation? Write the lawyer that if they require another valuation, you would be happy to allow any professional appraiser that your ex-wife pays for, to have access to the items.

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          • #6
            Originally posted by Mess View Post
            Valuation date is the date of separation. You were separated years ago, your wife left, took some of the possessions with her.

            Why would they need another valuation? Write the lawyer that if they require another valuation, you would be happy to allow any professional appraiser that your ex-wife pays for, to have access to the items.
            I will try this TKU

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