Opinion ID: 1723507
Heading Depth: 1
Heading Rank: 7

Heading: whether the chancellor must make a determination of the fair market value of the marital estate before dividing it, and whether the record contains adequate evidence for such a determination to be made.

Text: Property division should be based upon a determination of fair market value of the assets, the these valuations should be the initial step before determining division. Therefore, expert testimony may be essential to establish valuation sufficient to equitably divide property, particularly when the assets are as diverse as those at issue in the instant case. Ferguson at 929. Dwight's initial claim is that the chancellor did not determine the fair market value before dividing the property. Specifically, Dwight claims that the chancellor did not value the houses or his retirement account before giving Nancy a portion of these. As a result, Dwight feels that the chancellor was not aware of what he was dividing. However, both Dwight and Nancy listed their assets and the value of those assets. Dwight himself valued the homes as follows: Florida home, $65,000; Georgia home, $55,000; and Mississippi home, $95,000. Nancy valued the following stocks at $12,000; Dwight's 401(k) plan at $11,000; Dwight's IRA at $5,000; and her own 403(b) retirement plan (which, incidentally, was not divided) at $4,800. Nancy listed the Gannett retirement plan as an asset, but did not value it. Information on the Gannett Retirement Plan is included in the record which estimates that the plan will pay Dwight $1,119 per month beginning at age 65, but the present cash value for the plan is not listed. However, the plan is divisible by the use of a Qualified Domestic Relations Order which could subdivide the benefits. Assuming that neither of the two parties lied or was mistaken as to the value of the assets, the chancellor could have valued the property based upon their estimates. Ferguson, supra, does not say that expert testimony is essential; it says expert testimony may be essential. The determination of the value of the assets being divided is not so inordinately difficult that expert testimony was necessary in this case. Therefore, this Court cannot say that the chancellor abused his discretion in not using expert testimony to divide the property. Thus, this Court finds this issue to be without merit.