As far as divorce proceedings go, for most couples, the home is a major shared asset. The first step in dealing with the splitting of assets is to determine the real estate value during divorce.
Use An Appraiser
An appraiser is the best way to help determine the value of your assets. They are better trained in this situation than a Realtor. Further, a tax assessment value is not actually an accurate method of determining value.
Understanding The Difference Between Marital And Non-Marital Equity
There are classifications of assets. Some get divided during a divorce and others don’t. This is determined mainly by the circumstances surrounding the purchase of the assets and the law in the state in which you reside. Here are some examples of the various assets and how that is determined:
- Prenuptial Exclusions. Any asset that is under a prenuptial agreement is therefore not to be divided.
- Gifts: Gifts do do not get divided as an asset.
- Premarital: These are assets purchased before the marriage.
In real estate, things may get more complicated. For example, a home may have been purchased prior to marriage, but the mortgage may have been paid off during the marriage. An appraiser will be able to determine if the home has appreciated or depreciated in value since the purchase and this will help courts determine what each spouse receives.
After marital or non-marital assets are determined, the divorce proceedings may become easier to sort through, especially when it comes to such valuable things like property.Tags: appraisal, appraisal questions answered, appraisal sale, appraiser questions, buy a home, divorce, divorce appraisal, does your appraiser, marital equity, non marital equity, property appraisal, real estate, tax assesment, what is an appraisal, what is appraisal
This post was written by Joseph Castaneda