Many married couples getting divorced struggle over what to do with their house. Property division can get complicated in some cases, especially when the couple’s house is the largest asset they shared during their marriage.
Property division is a part of every divorce so it is important for people getting divorced to understand the process and how it will impact what happens to the home they shared during their marriage. Before going into divorce negotiations, it is helpful to know the value of your home.
There are a few different ways to get an accurate value of your home for dividing property during divorce. One way is to get an appraisal from a licensed appraiser in your state. The cost of getting an appraisal varies so it may be best to know that cost before deciding to go with this option.
It is very important to get an accurate, up-to-date value of your home before dividing property. If the appraised valued of the home is too high or too low, one spouse will end up paying too much to continue owning the property. On the other hand, one other spouse may lose out on equity if the value is appraised too low.
Another way to get an accurate value of the house it to have a Comparative Market Analysis, which is calculated by looking at the values of recent sold homes in the area as well as current homes for sale. This option may be less expensive but it may not be as accurate as having an appraisal.
Whether divorcing couples are trying to sell the home and split the profits or if one person wants to continue living in the home, it can be very beneficial to make sure an accurate value of the home is obtained.
Source: Huffington Post, “Three Ways To Value Your Home In A Divorce,” Joseph E. Corden, March 1, 2013