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Gerald-Esquire
Gerald-Esquire, Lawyer
Category: Family Law
Satisfied Customers: 2850
Experience:  30 years of experience
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In an uncontested divorce, are the gross fair market and net

Customer Question

Hello,
In an uncontested divorce, are the gross fair market and net fair market values necessary for all assets?
Submitted: 9 months ago.
Category: Family Law
Customer: replied 9 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 9 months ago.
The phone call is not necessary. I accidentally clicked that.A bit more information: I'm using CompleteCase to assist in filling out the divorce paperwork and the gross and fair market values were optional fields. I did not enter values in these fields for two vehicles and misc assets as they were marked optional. Just wondering if that is required or will cause an issue when filing.
Customer: replied 9 months ago.
This is in reference to form FL-160 Property Declaration. Also, does this need to be signed by both parties prior to initially filing? Alright, that's all. Thanks!
Expert:  Gerald-Esquire replied 9 months ago.

Hello,

Thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

The purpose of the form is to inform the court in the event that it must make decisions about the division of the property.

In an uncontested divorce, so long as both parties are in agreement as to the division of property, the actual valuation of the property is not mandatory. So for example where there are two cars, and they are more or less of similar value and the parties are fine with the division entering the same estimated value for each car is perfectly fine.

As to misc assets placing an estimated value is fine (once again on the assumption that both parties are in agreement).

Signing by both parties is not required by the Form, but doing so can avoid a dispute later if the non-signing party has a change of heart as to the division.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow up questions, feel free to ask. Please note that I am generally unavailable Friday evening through Sunday.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.