How assets and liabilities are valued in a divorce?

How does the court determine how much the assets are worth? Or how much the liabilities cost? This is why valuation of assets and liabilities is an important issue in a divorce.

There can be three valuation dates of marital assets and liabilities:

– First is the
date of separation of the parties. This is generally appropriate when the parties have a long period of separation.

– Second is the date of filing of the Petition of Dissolution of Marriage. The statute says this
is the preferred date and should generally be used unless it would be unfair.

– Third is the date of the Final Judgment of Dissolution of Marriage. This date is usually used when there is no activity by either spouse in the increasing or decreasing the marital asset or liability. A good example of this would be an IRA
that has had no contributions made to it during the pendency of the divorce.