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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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FastFacts
#461:
Property settlement agreements are not generally modifiable once incorporated into a final decree of divorce. Issues like custody and child support are, but issues involving property and debt distribution are typically not. Do not rely on the ability to appeal a divorce order.
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