The Divorce Appraisal
When you divorce, an appraisal of the property held by one or both partners is usually necessary to determine the value of the real estate that will be divided as part of your divorce property settlement. This type of appraisal is commonly called a “divorce appraisal”. Another common term used for determining the value of property assets, including real estate, during a divorce is divorce valuation of assets. Attorneys, as well as Accountants rely on professional property appraisals when calculating the values for real property. This is particularly important during a divorce because the division of assets for the divorce property settlement needs to be based on the current (actual) Fair Market Value of the property. If you are concerned that you may be in a negative equity situation with your property (meaning you owe more than your home is worth), it is essential that you know the value of your real estate so that you can negotiate a fair agreement between the parties in the divorce. Unfortunately, divorce happens, and when they do, assets need to be divided. One of the largest assets for many people is their home. Before a divorce can be finalized, the value of the home needs to be determined by a residential real estate appraisal, so that a decision can be made as to whether 1.) one person gets the house (perhaps by buying out the other person, or 2.) will the property be sold and the proceeds divided along lines similar to the rest of the division of assets. In many cases, both parties of a divorce agree to use just one appraiser in order to save some of the costs involved. This is common practice with the attorneys in Mercer County and surrounding counties. However, many divorces are not as amicable and each party may choose to have their own attorney and their own appraisal. In either case, however, an appraisal is typically needed. Therefore in summary, when getting divorced, get a good attorney and get a good appraiser. Tighue Appraisal Group has been working with the best divorce attorneys in the area for over twenty five years. We are court approved and experienced in these matters.
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