A business valuation is a report prepared by an independent expert setting out the value of the business(es) in dispute.  A property appraisal is a report prepared by a property appraiser (not a realtor). The expert appointed to prepare business valuation report or property appraisal must be either appointed by agreement of the parties or appointed by the court. Otherwise, the report may not be entered as evidence. The expert has a duty to the court to act for the benefit of the court. The expert must be neutral and cannot act for any individual party. You do not need a business valuation or property appraisal to give effect to property divisionbut you should get one. In the absence of business valuation or property appraisal, the court is left to guess the values of different assets. Trust us when we say: you do not want a judge to guess a value of an asset that is subject to litigation. Even if you are not considering trial or going to court for property and debt division, you should still get a business valuation or property appraisal as they would help to see what the values of various assets are and how assets should be divided. Your lawyer is not an accountant or a real estate appraiser. The timing of these reports are crucial. If they are obtained too late, they may not be introduced as evidence at trial. Book your appointment with us to see how we can help you obtain a business valuation report or a property appraisal.