Divorce Settlement ? What To Do When Property Is Involved.

Divorce Settlement

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.

Divorce Settlement

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.

Divorce Agreement

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.

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As a local Realtor, I have had the opportunity to work with Michael on numerous occasions while selling real estate in the Naperville area. With his vast experience and wealth of knowledge, combined with the willingness to explain the details on an appraisal report, I’m always pleased to know that Michael has been assigned to one of my listings. He is always prompt and performs the necessary evaluation in a timely fashion. Michael recognizes the value of my time which is important to any real estate agent. He is unbiased and fair with all appraisals. When clients and friends ask me who would I recommend for their appraisal needs, I never hesitate to provide them with Michael’s name.

Nancy Fattore
Re/Max of Naperville, The A Team

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