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The assets and liabilities sections of the Statement of Net Worth provide a comprehensive overview of an individual's financial situation. Assets include real estate, investments, retirement accounts, personal property, and other valuables, while liabilities encompass debts such as mortgages, credit card balances, and loans. Properly valuing these assets and liabilities is essential for equitable distribution. In some cases, appraisals or expert assessments may be required to determine the fair market value of certain assets, such as real estate or business interests.
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