Are you losing out on thousands of dollars because of your financial fears during your dissolution or divorce?
The cost of the divorce itself is one of the biggest fears I hear from clients. There is no question that both dissolutions and divorces will generally take longer and cost more than you expected. However, that does not mean that it’s a good idea to cut corners.
One frequent corner cut is a pension valuation. Pension valuations do not take a lot of time. However, they do require you to work with someone other than your attorney. Thus, even when recommended by their attorneys, many clients choose not to have them done. It is not even necessary to have an in-person meeting with the other professional as all of the required information can be provided via phone/email. In some cases, the attorney can even provide all of the relevant information. When considering the merits of a pension valuation, I recognize that it can feel stressful and overwhelming to work with yet another professional and have yet another bill to pay. However, it could be one of the best returns you ever receive on an investment.
What You Will Learn from a Pension Valuation
You will likely find that the value from the most recent statement is not the value that should be considered in a division of assets. There are numerous variables to consider when valuing a pension. For many, it is one of the largest marital assets. Would you use the value of your home on the date of purchase if you bought your home 10 years ago? Probably not. Just as it is imperative to get an appraisal on your home, it is equally as critical that you get a valuation on any pensions that are part of your marital estate.
While you think you’re saving yourself some money by not getting it done, you may actually be giving up a lot more than you would be spending. Click here to request a pension valuation.