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Term Definition Appraisal - the systematic and comprehensive procedure for determining the fair market value of an asset often done by comparing it with similar assets that have been sold.
Application in Divorce In divorce actions, the family home -- often the largest asset of divorcing couples -- is normally appraised. This appraisal is used to assign a value to the asset for distribution in a divorce.

The appraisal of spouse will hire his or her own appraiser, at which point each side will negotiate the values against one another.

Since one asset is often used to offset another asset, the appraised value of an asset is an issue that is often argued.