How to value assets

[KeepTruckin]

I've been reading the Nolo books and searching this forum, but I'm still lost on how to value assets. Do I have to list every single item in the house? How do I determine fair market value? If I use eBay prices, I'll have to calculate fees for each item. I hope there is an easier way. Thanks for your help.

[nc73]

I've been reading the Nolo books and searching this forum, but I'm still lost on how to value assets. Do I have to list every single item in the house? How do I determine fair market value? If I use eBay prices, I'll have to calculate fees for each item. I hope there is an easier way. Thanks for your help.

Exact replacement cost. For example what would you pay for it at a garage sale? The form provided by the lawyer should have a list of what you are required to list and others.

[JasonK94Z]

Salvation Army valuation Guide. It's

http://www.salvationarmyusa.org/usn/www_usn.nsf/vw-text-dynamic-arrays/85256DDC007274DF80256B80003D22FC?openDocument

[SinkingFast]

New Law was supposed to change how people valued things.

Under Old Law, you could list "Fire Sale" values. But New Law, you were supposed to give pricing based on replacing like items.

But,......... How much do you pay for an 8 year old sofa and where do you buy it?? Garage sales, yard sales, 2nd hand stores, used from a private party.

For your kitchen stuff,........ Lump it all together. $200 for all your dishes, pots and pans, flatware, utensils, rubbermaid or tupperware, etc.

Clothes,........ Unless you dress for success, most adults' whole wardrobe, including socks and underwear, is only worth about $200. Now if you have designer suits and fur coats, the values would be much higher.

Also,........... If you have children,............ Check with attnys in your area about whether you need to include their things or not. In our Court here, if you use State Exemptions, the children's things are not included in your inventory. BUT, if you used Federal, you'd have to include your children's things. So that's something to check on in your area.

Most attnys just list what they have to on the Schedules and say "Miscellaneous Household Goods" for the rest. Some attnys itemize out pretty much everything you own. So a lot of how you have to list your inventory will depend on the attny you retain.

For things you can't find listed local in the newspaper or by visiting garage/yard sales,............. Look at your local Goodwill. Goodwill also has an Auction section at their website which lists an "Open Bid Price". So even if the item does not sell, there's a base price for you to work with.

Also check on eBay and other auction websites.