Real Estate Appraisals for Divorce

Real Estate Appraisals for Divorce

Divorce is one of the most painful and disruptive events that you may ever experience, especially when it comes to the division of property. While most personal property can be divided equally, the home is a potential stopping point based on its inherent value. That’s why having a proper real estate appraisal for divorce is so crucial in determining the fair market value of the home that may be lived in by the spouse who receives it or sold. 

Why Get a Divorce Real Estate Appraisal?

You may wonder why getting a divorce home appraisal is so important when you know the value of the home when it was purchased. The main reason is that home value is subject to change and the longer you have owned the home, the greater the potential for a rise in its value. This is especially true when it comes to the division of property as the value of the home will play a strong role in who may receive other disputed items. 

This is because the value of the home plays a strong role in the court decided who gets what if there is no agreement. This means that the person who is awarded the home may have to forfeit other disputed items because of the value that has been assessed.  Of course, this will have to be debated in court and there are other circumstances that may play a strong role in the division of the property itself. 

Once the fair market value of the home has been assessed, the results will be made known to the person who hired the company or to both sides if that was the agreement. In any event, if the assessment is used in divorce court, that will establish the value of the property which can then be used for the separation of items to each spouse.  

How to Hire an Appraisal Company

You can choose to select a single, independent real estate appraisal firm or each hire your own if one cannot be agreed. The company or firm you choose should be one that has earned a solid reputation in their field. Keep in mind that even if you hire the appraisal company out of your own pocket, they will act independently to find the correct value of your home, even if it works against your best interest. However, you can choose to use their findings or not in divorce court. 

The company will conduct an independent appraisal of the entire property, using the standard guidelines to get the most accurate result. If the appraisal is considered unsatisfactory by one side, the merits can be debated as part of the divorce proceedings. This may include another assessment if flaws were found in the original. 

A real estate appraisal for divorce is not an easy process, but it is one that can be handled professionally by the right property assessment firm. It pays to hire a divorce real estate appraisal company that has built a solid reputation, has years of experience, and can perform the divorce home appraisal quickly so the results can be viewed by all.