Fair Market Value

This is the value that you think someone would pay for the property if it were up for sale today in it’s present condition. It may be more than what you paid for the property or it could be less. It is tempting to “fudge” on the value. Avoid the mistake of thinking, ”if my spouse is going to get this property, I want to list it at the highest possible price so he’ll owe me more money.” However, you might end up with the property. Your best course of action is to be as accurate as you can. If you are unsure how to come up with the price, discuss that fact with your attorney.