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Why do I need an appraisal when getting a divorce?

Do I need an appraisal?

Need an appraisal when getting a divorceWhy do I need an appraisal when getting a divorce? An appraisal is used when the value of real estate is needed. Appraisals are not used just for refinancing or purchasing a home. When things change in our lives, such as dissolution of marriage, or divorce, it may be necessary to have the home and other real estate investments appraised. A neutral appraiser is typically used, but there are situations when two appraisers are needed.

Two different situations during a divorce that the market value of a home and an appraisal my be needed  are:

  1. You decide to sell the house and split the proceeds from the sale, less the costs associated with the sale.
  2. You decide that one of the parties want to keep the house, in which case they would pay the other party for their ownership of the property. Even though each decision has a different outcome there is still a need for an appraisal and the fair market value of the home is determined from the appraisal so that either way each party receives an equitable distribution of the assets.

If you have any questions relating to appraisals used for divorce proceedings feel free to contact us and we will do our best to answer your questions regarding this sensitive subject.

If you decide to sell your house, we can help there also.

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