A divorce—whether friendly or hostile—can mean a lot of work in terms of dividing assets between parties, especially when a prenuptial agreement is off the table. A real estate appraisal is the best way to find out exactly what your share of your family residence and other properties will amount to. Professional real estate appraisers can determine the market value of your property, whether it be a residential estate or any other type of real property you wish to divide with your ex-spouse.
In most cases, divorce attorneys can refer you to reputable real estate appraisal firms that offer expert property valuation services. These are firms that offer unbiased and well-studied appraisal of your property and will report on your behalf. It is often a wiser choice to get appraiser recommendations from your divorce lawyer (or lawyers, if both parties retain separate attorneys) to avoid problems and conflicts down the line.
Unless each divorcing party requests a separate appraisal for the property in question, the real estate appraisers fee is usually paid for by both. This amount is typically split down the middle and shared by the opposing parties. This said, appraisers may collect fees in varying ways. In some cases, they bill the lawyer that retains them on the divorcing parties’ behalf, and in some cases, they collect directly from the spouse staying in the home as they do the appraisal. Making prior arrangements and knowing your payment options is advised so you know what to expect.
Like any other real estate appraisal, a divorce-triggered property valuation begins with a property visit, during which the appraiser will ask questions about the house, ranging from the history of the property to some structural problems or concerns. Real estate appraisers also typically take measurements and do thorough inspections of every nook and cranny to check for features and conditions that may raise or decrease the value of the property in question.
Following the physical visit of the property, appraisers do a market research of similar properties, usually within the surrounding vicinity. Sale prices of similar homes sold within the last few months usually affect the market value of an appraised home. Appraisers also use standardized templates that detail itemized comparisons between your home and other houses that are of similar or close enough value. Only after a definitive analysis of comparable homes can professional real estate appraisers make a justified valuation of the property in question.
