Knowing Your Worth
The Divorce Appraisal Process
Besides child custody and support, the most contentious issue in any divorce usually surrounds the division of property. While it can be painful, the process is straightforward in many ways. Bank accounts, 401(k)s, loans, and credit card debts all have cold hard numbers attached. But other possessions can be more challenging to assign a price tag. Often, couples agree on the value of much of their property. When they must sell the family home and split the proceeds, the market decides how much the property is worth. Ex-spouses may also agree their home appliances are worth roughly the equivalent of the furniture and how to split them. But sometimes, one spouse keeps the house while the other receives an equal share of assets. So, both parties must understand what the home is worth to create an equitable division. That’s where an appraiser comes in. They will use data from recent property sales to determine the fair market value or what a buyer will likely pay for the property on the open market. Though it’s an inexact science — and the property’s value could dramatically increase or decrease in a few years — it’s the most equitable appraisal method available. People who own expensive personal property benefit from an appraisal process on additional items. Motor vehicles, jewelry, art, collectibles, and many other things can hold significant worth. Some rare items may require a specialty appraiser to determine an accurate value. While no one likes paying for this additional service, it often saves clients money in the long run. Having an impartial expert declare value can also reduce stress and conflict during a divorce. Finally, any business should always be subject to an appraisal before coming to a divorce agreement. Often, businesses are the only asset a couple owns that is worth more than their home, and the amount at stake can be considerable. Depending on the circumstances, businesses may be appraised using either fair market value or liquidation value. What types of appraisers will be involved in your divorce depends on your assets’ complexity and whether you and your ex can agree on their value. The attorneys at Bruce Law will always provide our clients with an honest assessment of their unique circumstances, and we welcome your questions throughout the process.
A Daily Dose of Gratitude Raising Thankful Children Most parents want their kids to view Thanksgiving as a meaningful event — not just an opportunity to indulge in turkey and mashed potatoes. Unfortunately, most kids’ eyes will glaze over when their parents launch into a lecture about thankfulness. You will likely find better success by emphasizing the value of gratitude all year long. “What do you say?” It’s a question we all ask our young children after someone does something nice for them. This practice instills good manners, but it shouldn’t be confused with teaching gratitude. Imparting the meaning behind the words “thank you” takes something more. If you want grateful children, you need to be grateful parents. Consider how you can incorporate gratitude more into your everyday life. Are you as thankful as you should be? Do you repay favors and write thank-you notes? Do you regularly talk about why you’re so fortunate or what you’re thankful for? Cultivating gratitude in your life sets a good example, and many studies show it benefits your mental health as well. Next, consider how you can encourage your child to reflect on who they’re grateful for. Acts of kindness and returning the favor to those who have been good to us can inspire kids to put their gratitude into action. Doing some yardwork, sharing a toy, or making a painting as a gift can help children understand how powerful it can be to outwardly show our gratitude for the people who are in our lives. Consistency is the most crucial factor, so try to find ways you can incorporate gratitude into your everyday routine. Children of any age can keep a gratitude journal with their parents’ help. Some families also use a gratitude jar where each family member can write what they’re grateful for on a slip of paper and add something different to the jar each week. It’s the perfect way to keep gratitude front and center.
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