A home appraiser can be an important professional service during a divorce proceeding. A marital home may be part of the marital estate. In some cases, the family home is one of the largest joint assets a couple has acquired and will need to address during a divorce. Having a home appraisal, which credibility states the value from a third party perspective is important.
A real estate appraisal can cost a few hundred dollars, but is often recommended by attorneys to ensure fair division in negotiations, mediation, or court. During the evaluation, the value is determined by a number of factors.
When Is a Real Estate Appraiser Important in a Divorce?
If you own a home, land, rental or vacation property and are facing a divorce, you will want an assessment of the value of your real estate. This ensures a fair division of marital property.
A home appraisal can support goals such as
- One party choosing to retain the house, or
- Negotiations for other marital assets in exchange for a portion of the home equity, or
- if one spouse wants to buy the other out of the home.
In each of these situations, the couple will need a home appraisal to reference to know how much the property is worth.
Alternatives to Hiring a Home Appraiser During Your Divorce
Some people may try to avoid paying for a full appraisal by using comparative market analysis or relying on the appraisal done by the bank during a refinance. Neither give as accurate of a home valuation as an appraisal by a certified home appraiser. For example, CMA is the tool real estate agents use to put a price on a home. While this may be a reference as to estimated market value based on nearby properties, these estimates are often higher than the true value of the home. On the other hand bank appraisals, often skew lower than the actual value of the home since.
Neither of these numbers provides the accurate appraisal you need if there is any disagreement about who gets the house. Only a recent property appraisal from a licensed appraiser will hold up in court during a divorce.
Value Of The Residence Is Important
The value matters because:
- It could play a role in determining maintenance and financial needs or to determine the financial ability of the other to pay spousal support;
- It helps set the price that one spouse must pay to buy the other’s equity interest;
- It helps the parties and the court to know how to divide other marital assets to ensure a fair division.
Let our Team Guide You Through the Property Valuation and Division Process
The legal team at DDR can help you get a fair and equitable property settlement during your divorce. We take on even the most complex and high-asset cases. We understand that getting the money you deserve — or remaining in your family home — is important to you, and we will take all the steps necessary to pursue that outcome.