HEN AN appraiser is retained to appraise tangible personal property (for example, fine arts, furniture, antiques, jew- elry) in a divorce case, the people involved should know that if two appraisers are used (one for the wife and one for the husband), the values will be considerably different. Even assuming that both appraisers are experts with top notch qualifications, there is always some divergence on value. If two appraisers are used, there are two fees involved. Depending upon how extensive the tangible personal property is, using two appraisers may be very costly.
Appraisers must use “fair market value” for divorce purposes. This means “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.” This is not liquidation value. What should be used for value are tag sale and auction values.
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