Dividing Assets in Divorce? How do you know when you need a Divorce Appraisal?

No one gets married planning to get divorced, but unfortunately, sometimes it is the best option for both parties. If you find yourself in this situation, you will have to agree to the division of all of your assets. Personal property items, bank accounts, credit card debt, and retirement accounts will be relatively simple because they have a finite or definitive value. Issues may arise when you try to divide your most valuable asset, your home. 

Contact us, we are here to make at least this part of the process easy and simple for you.  


Here are a few signs it may be time to seek out an independent real estate appraiser for an objective assessment:


 

  • Your home is not in a typical suburban subdivision with several comparable sales where housing trends are not easy to determine.
  • There have been extensive upgrades or updates.
  • The house has many deferred maintenance items or needs considerable repairs.
  • You have separate divorce attorneys and they are advising you to get “your own” appraisal because you are unable to settle marital assets and are heading for court.
  • There is a court-ordered sale of a family home in the divorce. This will typically occur when attorneys are not involved in the division of assets. The judge assigns a neutral third party to determine the actual value and possibly sell the house.
  • You need a retroactive appraisal or multiple effective dates for an accurate assessment settlement. Generally, this is necessary when one spouse owns the house before the marriage, vacates the property as of a certain date, separation begins, or an official divorce date is filed.
  • Has time passed since the filing date and the house has experienced significant appreciation in residential real estate?
  • You just can’t agree on the value!  Are you $10,000 or $100,000’s of thousands of dollars apart?