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Definition Appraisal Report - a report of the results of an appraisal which begins with the definition of an appraisal problem and leads to a specific conclusion using reasoning and relevant descriptive data.

Application in Divorce In a divorce case, the appraisal report will become evidence to substantiate the value of an asset. This report will be used to present a case to the opposing party as well as the court (if a property settlement cannot be reached). Depending on the significance of the asset and the appraisal value, a lawyer may suggest that the person who performed the appraisal and drafted the report appear in court as an expert witness to testify under oath regarding the appraisal report and the methodology used to arrive at the value.

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Appraiser as an Expert Witnesses
An expert witness will certainly drive your costs up. If the asset’s appraised value will change the property award significantly, it may be worth it. Certain assets will warrant expert testimony more than others. For example, a house appraisal is far less complicated than a business appraisal, so it may be essential to have the business appraiser clarify to the court his or her procedures to arrive at the value.

Contributed on 4/18/2007 by: DivorceDex.com Staff
Category: Property Valuations (Applicable in All States)
The Contents of an Appraisal Report
Depending on the asset being valued, the report will be significantly different. The more complex the asset (like a business, or retirement account) the more in depth the report should be in explaining how the asset has been valued. If the report is very lengthy and is difficult to understand, expert testimony is almost always recommended.

Contributed on 4/18/2007 by: DivorceDex.com Staff
Category: Property Valuations (Applicable in All States)

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