Cover Your Assets: Divorce Appraisals

A divorce is never easy. It’s usually a very stressful and emotional time, and often the consideration of “Who gets what?” is the last thing on the minds of those going through it. But once this phase is reached, invariably the first question is the same: “Who gets the house?”

Generally speaking, there are three options with regard to the house – it can be sold off and the proceeds divided; all of the joint property can be appraised and divided between the couple according to value; or one party can “buy out” the other. Irrespective of which option is chosen, one or both parties should order an appraisal of the residence and any other real estate owned. Divorce appraisals require a well-supported, clearly written, and professional appraisal that is defensible in court.

Other reasons to order a divorce appraisal include the following:

•    It insures that the rights of each party involved in the divorce are protected.
•    It insures that the home is accurately valued.
•    As long as the appraiser is impartial, it guarantees that one partner will not be able to inflate or undercut the value of the property.
•    It allows the parties involved to make the best out of a bad situation.

The marital home may be the greatest single tangible asset of a marriage, and if it becomes a point of contention in a divorce, given its financial and emotional value, it’s important to understand both the legal rights and economic realities before any decisions are made. A divorce appraisal is the first step toward making some very difficult, but ultimately necessary, choices. To learn more about divorce appraisals, contact the experts at Present Value.

By: Present Value

Tags: divorce appraisals

This entry was posted on Saturday, April 25th, 2009 at 1:24 pm and is filed under Appraisal Terms. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.