A Divorce Sucks. Your Divorce Appraisal Shouldn’t.
Divorce appraisals deal with giving each spouse an equal and fair share of their property by determining the worth of the property.
The most important priority in a divorce is the division of the couple’s marital assets. It could involve the selling of their marital home or splitting equity, or getting new loans at a lower rate of interest. Top agents and real estate attorneys who have experience in this regard advise the divorcing couple to get their house appraised by a licensed appraiser for a thorough valuation. In some cases, one of the spouses plans on keeping the house while the other keeps half of the equity. This leads to disagreements and that is when the third party a home appraisal gives an unbiased estimate of the home’s total value.
Many financial implications are involved if one of the spouses plans on keeping the house as every asset needs to be equally divided and split among the couple. A substantial amount is required to buy the equity, buyout equity is a term in which the person who plans on keeping the house has to get a new mortgage. It is easier for divorced couples to sell their home as a new mortgage has to be paid by a single person and it is even easier to sell the house if there are no children involved. It is usually common for the parties to hire their separate appraisers. The appraisers may come up with different values in that scenario the divorcing couple chooses to split the difference if it's reasonable.
Divorcing couples like to discuss with an attorney to negotiate the property division especially if one person has contributed more towards the mortgage, assets, and the maintenance of the property. Before calling the real estate agents all these things need to be taken into consideration and settled. Whatever option the divorcing couple chooses, be it refinancing or selling the house, appraisal plays a very important role.
Call us today at (949) 866-2068 to know more about our divorce, property division, and appraisal services.