Top reasons to get your home appraised during a divorce.

Getting your home appraised during a dissolution of marriage (divorce) is a prudent step that can help both parties involved in the divorce process. Here are some of the top reasons to consider getting a home appraisal in this situation:

1. Equitable Property Division: In many divorces, marital assets, including the family home, need to be divided between the spouses. An appraisal provides an objective and fair market value of the home, helping to ensure that property division is equitable.
2. Negotiation and Settlement: An accurate appraisal can serve as a basis for negotiation and settlement discussions between the divorcing spouses and their respective attorneys. It can help both parties agree on the value of the home, which is an important factor in reaching a fair divorce settlement.
3. Asset Valuation: The family home is often one of the most significant assets in a marriage. Knowing its true value is essential for both parties to make informed decisions about whether to keep, sell, or otherwise distribute the property.
4. Property Buyout: If one spouse wants to keep the family home, they may need to buy out the other spouse’s share. An appraisal determines the home’s value, which is crucial for calculating the buyout amount.
5. Tax Implications: Understanding the value of the home is important for assessing potential tax implications, such as capital gains taxes, that may arise from selling or transferring ownership of the property.
6. Mortgage Refinancing: If the divorcing spouses jointly own the home and one spouse plans to keep it, they may need to refinance the mortgage in their name. An accurate appraisal is often required by lenders for this process.  Your lender will most likely order another appraisal.
7. Court Proceedings: In cases where property division disputes cannot be resolved through negotiation, the court may make decisions based on the appraised value of the home. Having a professional appraisal can be valuable in court proceedings.
8. Protection from Over/Under Valuation: An appraisal can help protect both spouses from the risk of undervaluing or overvaluing the home. Undervaluing the home could lead to one spouse receiving less than their fair share of assets, while overvaluing it could result in an unfair distribution.
9. Documentation: An appraisal provides a formal and documented valuation of the home, which can serve as evidence during the divorce proceedings. It adds a level of credibility to property valuation discussions.
10. Peace of Mind: Knowing the true value of the home can bring peace of mind to both spouses, as it removes uncertainty and helps facilitate a smoother divorce process.

It’s important to note that the appraisal process should be conducted by a qualified and impartial appraiser to ensure that the valuation is accurate and reliable. Additionally, the specific laws and regulations regarding property division in divorce can vary by jurisdiction, so it’s advisable to consult with legal professionals who specialize in family law to understand how an appraisal fits into your specific situation.

Call us today for all your divorce / dissolution of marriage appraisal needs: 561-441-9298