One’s marital home may be the most important consideration during property division negotiations. Spouses have to make decisions about who stays in the home or if they intend to sell the house as part of a divorce. They also need to make arrangements to compensate the spouse leaving for the equity accumulated during the marriage. The entire process can be relatively challenging, especially if spouses do not agree on what their homes are worth.
In scenarios where there is a dispute about home value, spouses may need assistance settling their disagreement.
Real estate professionals can help
If the spouses have a real estate agent they trust, they may ask the agent to estimate a reasonable listing price by assessing the condition of the property and sale prices of other homes nearby in similar condition. Other times, spouses may hire an appraiser to assess the property and determine what it is likely worth. Even then, spouses may question the accuracy of an appraisal report.
In some cases, each spouse obtains their own appraisal report or estimate from a real estate agent. They can then split the difference between the two valuations. In scenarios where spouses truly cannot resolve a disagreement about the value of a marital home, they can each present information backing their estimated value to a judge as part of a litigated property division case.
Home valuation can have a major impact on a final property division settlement. Working with an attorney familiar with asset division and valuation disputes can be helpful for those concerned about reaching a fair arrangement for real estate concerns during a divorce.
