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One of the most common matters addressed when a marriage ends is the division of assets. If a home is involved, the two parties concerned may agree to sell the home. Or one ex-spouse might want to buy the other spouse out. This is when a divorce appraisal ensures the house is properly assessed to determine its value. The guide below explains how this process works.

What Is a Divorce Appraisal?

In most cases, the current fair market value of a house is calculated in a divorce appraisal. However, the value may also be based on the date of marriage, separation, or when the house was purchased. Similar to a standard real estate appraisal, several factors are looked at to determine the property’s worth. These include comparable homes in the area and the type of house.

This step is especially crucial if the divorcing couple owes more than the home is worth. Knowing the value can help with negotiations if you mutually decide to sell the house and split the proceeds. In this way, it is designed to assist both parties by producing an agreement that is fair and equitable to all involved in the transaction.

What Happens Next?

divorce appraisalWhen the time comes for the divorce matter to be presented to a judge, the specialist who conducted the divorce appraisal may be called upon to testify. This becomes more likely if the divorcing couple can’t agree on terms for the property sale. The appraiser is a neutral entity and does not advocate for either but presents the appraisal’s findings to the judge.

If a divorce appraisal is initiated by one party, the real estate appraiser can only share information with his client and if applicable, their attorney. They are bound by strict confidentiality rules and regulations not to present the findings to the other spouse prior to any court hearing. However, there are instances when their work can be subpoenaed.

 

For 16 years, Concept Appraisal Services in Littleton, CO, has provided comprehensive reports to a wide range of clients throughout the Denver Metro area. This firm prides itself on its expediency in responding to customer requests, its extensive appraisal knowledge, and consistent reliability. Owner Connie Jo Ebenson is a certified real estate appraiser with more than a decade of experience. Should you ever need a divorce appraisal, give Connie a call at (303) 506-6254. Visit the website for information on the complete lineup of services, including bankruptcy appraisals, and to request a free quote.

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