Real Estate Appraisals for Divorce Situations, What You Need to Know
Marriage Dissolution Appraisals are an important part of negotiating a divorce settlement. They can be complex and challenging, thus the help of a real estate appraiser becomes valuable. One that has the skills and expertise in real estate valuations in a divorce proceeding, is a must.
In contested and in some uncontested divorce cases, the court will require each person to complete a financial affidavit.
This is a sworn statement that details the financial factors of your marriage. Including your income, expenses, assets, liabilities and debts.
Your home IS one of your assets. For your divorce settlement to have accurate and complete information of your property, you need a qualified local real estate appraiser. This will play an important role in determining the fair market value of your home.
To determine the Fair Market Value of your home, when involved in divorce proceedings, an appraiser will inspect the property. The appraiser will make note of any special features or deficiencies that may impact the value.
What if you don’t agree with the appraisal that was conducted through your spouse’s divorce attorney?
As part of the appraisal, the appraiser will find comparable properties that have recently sold in the same market area. Properties that are similar to your home and that reflect current market conditions.
The comparable sales, besides any special features or deficiencies within your property determine an amount. And that amount represents the property appraiser’s opinion of value of your property.
In some cases, appraisers’ opinions do vary. When there is a substantial difference between each side’s appraisal of said real property, the court may require a third independent appraisal. This is conducted by a certified Appraiser, experienced in divorce appraisals.
As part of your divorce settlement and pending the division of the property, you might be required to show what your home was worth at some time in the past. This is called a historical, or retrospective appraisal.
A retrospective appraisal may be needed when a property was acquired prior to marriage. Also, if you sell your property at a loss you’ll need to determine how much of that loss was incurred during the marriage.
Keep in mind if you are having an appraisal done for a property division of marital assets, it is very important to hire a local real estate appraiser experienced in conducting marriage dissolution appraisals.
If you need an appraisal for a divorce situation, we have the knowledge and experience to help.
You can order an appraisal here.
If you are in need of representation or if you are researching divorce attorneys in our area we have found this resource – Divorce Lawyers and Attorneys.
The law surrounding divorce law is complicated and the facts of each case are unique. This article provides a brief, general introduction to the topic. This is not legal advice. Please contact a divorce attorney to provide legal advice. As with any legal matter, we highly recommend consulting with an attorney.