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.
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.
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.