With a strong economy, high-quality neighborhoods, and the ability for families to get larger houses for their money, Tulsa is a draw to those with a high net worth. When couples in Tulsa divorce, they are often required to obtain an appraisal of assets and liabilities to determine an equitable division of marital property. An experienced property division attorney can help you understand the importance of obtaining an appraisal of assets and liabilities in Tulsa to ensure a fair division and may provide services to assist you through the process.
While Oklahoma law does not specifically require an appraisal during the divorce process, it is a routine feature of many divorces. This is because an equitable division of marital property is required. It is worth noting that equitable division is not necessarily equal division. Many factors are considered when determining what a fair split of the property is, including the earning capacity of each spouse, the length of the marriage, and each party’s financial contributions to the marriage.
Some of the situations in which an appraisal of assets and liabilities is needed in Tulsa include when the spouses do not agree on the value or division of marital property, when there is a business or other complex financial situation to sort out, or when there are high-value assets such as:
Proper planning is necessary in any divorce, not only to ensure that property is divided equally but also to minimize tax liabilities that may be incurred with property transfers and other issues pertaining to property division.
The first step to appraising assets and liabilities is to gather a comprehensive list of your Tulsa assets—including real estate, bank accounts, investments, businesses, and more—as well as a list of liabilities such as mortgages, car loans, and credit card balances.
A neutral professional inspects property and businesses, conducting market analyses and other research to properly value them. The professional then compiles a report indicating the value of each asset along with supporting documentation. This report can then be used to negotiate an agreement between you and your spouse or in court so a judge can determine equitable property division.
An experienced family attorney from LaCourse Law could assist with the process of appraising property and drafting an agreement that fairly distributes property. From helping locate the proper finance professional to do the appraisal to negotiating an agreement between the parties to advocating for our clients in court, our team is here to help.
Obtaining an appraisal of assets and liabilities in Tulsa is an important part of the divorce process as it helps ensure an equitable division of property. The appraisal is one of many tools your family lawyer can use to ensure that your rights are protected. Let us help you understand more about property division and the guidance and services that we can provide for you. Contact us for a consultation today.
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