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Deciding to separate from your partner is never easy. If you are getting a divorce, you’ll have to come up with a plan to divide your assets, which is where a divorce appraisal comes into play. This process establishes the value of your real estate for property settlements in your proceedings. Learn more about this tool below.

Why Do You Need a Divorce Appraisal?

During a divorce, shared assets must be divided, including any property. A divorce appraisal establishes the fair market value of the home and land so you can make an accurate division. In some cases, one party may argue that they put more money into the home and should get a larger cut. These claims will be assessed during the proceedings. 

Equity also plays a part in the process. Positive equity means the home is worth more than you still owe on it, while negative equity means you owe more than the property’s value. In this case, having an appraisal is vital for negotiating agreements on how to handle and divide the property.

What Are the Benefits of Divorce Appraisals? 

divorce appraisalReal estate is one of the biggest assets that must be reviewed in a divorce. Once an appraiser completes the process, one partner may opt to buy out the other, or you can agree to sell the property and divide the money. While buyouts are common, they do require one side to gather enough money to cover the equity they are paying the other. The partner remaining in the home usually opts for a second mortgage.

The appraiser is an unbiased third-party who will give an accurate, unbiased estimate on your property’s value. These professionals document the square footage of the home, the lot size, and the number of rooms. They take photos and accurate measurements, noting the neighborhood, property condition, and other details to establish an accurate image of the property. 

 

Having a trustworthy appraiser is critical for determining the value of your home. For professional divorce appraisals in Estes Park, CO, and the surrounding areas, Caddell Appraisals, Inc. is a top choice. Since 1991, the appraisal company has offered professional, reliable services for all types of homes and properties, specializing in mountain appraisals. To schedule an appointment or quote, call (970) 577-9545 or visit their website.

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