Services

Involvement in a Divorce Proceeding

A marital estate can include a business, home, residential contents, jewelry,
pensions, stocks, and options. Laws differ among the states but a marital estate
is often viewed as an equal partnership where each party has a right to half the
value of the properties. In estimating value of the marital estate, the appraiser,
as always, must be independent and not influenced by either party. The
appraiser estimates the value for the equitable distribution of the marital assets.

Procuring Insurance

Many people are unaware that most household insurance policies specifically
exclude fine arts and personal property collections. A fine arts rider policy
should be obtained. A qualified independent personal property appraiser
should appraise the collection for insurance replacement value to ascertain
the amount of coverage needed, and to provide documentation for a possible
insurance claim in the event of a loss. The owner should have the appraiser
update the appraisal report every five years.

How do you find the best appraiser for your property?

Employ the services of a professional and experienced personal property
appraiser who has a designation from one of the major appraisal organizations.
States do not regulate personal property appraisers as they do real estate
appraisers, so a professional designation is one way to protect yourself. Look for
an Accredited Senior Appraiser (ASA) or Accredited Member (AM) of the
American Society of Appraisers (ASA). A member of ASA with one of those
designations has met strict education and experience requirements and
successfully completed several written examinations to prove his or her
appraisal knowledge.

Ethical and objective appraisers will base their fees on an hourly or daily rate.
Never choose an appraiser who works for a fixed percentage of the amount of
value. The appraiser should adhere to the Uniform Standards of Professional
Appraisal Practice (USPAP). By ensuring the appraiser adheres to USPAP, you
may save yourself problems later if your appraisal is challenged for any reason.
All ASA members must adhere to USPAP.

Review the appraiser’s qualifications statement and experience to determine
how they relate to your particular assignment. Contact us at 314-621-3202, or e-
mail us for all your personal property appraisal needs.

What should be in the appraisal report?

Any appraisal report should clearly state the kind of value being estimated,
such as fair market value, replacement value (for insurance purposes) or
liquidation value. The report should also describe the property being valued;
the procedures used to estimate the value, such as analysis of comparable
sales, and the effective date of the valuation.

The appraisal report should also stipulate that the appraiser has no interest in
the property being appraised, or, if the appraiser does have such an interest,
that the appraiser disclosed this interest to the prospective client prior to
beginning work. The report should be signed by the individual who made the
appraisal and who is responsible for its validity and objectivity. It also should
contain a statement of that person’s qualifications data.