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3 Reasons You May Need A Property Appraisal During A Divorce

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Hiring an appraiser to get the approximate value of a piece of real estate property is an important step in a lot of situations. However, there is one life change that could require you to get your home appraised that you may never consider: getting a divorce. Property appraisers work with people in all kinds of hardships and transitions, including divorce. Take a look at some of the reasons you may need your property appraised when you and your spouse are legally dissolving the marriage. 

You need the value of the property for filing purposes. 

If the home has not been appraised by an appraiser for a lot of years, it is a good idea to have the house appraised before you file. If the property is jointly owned, this will give the court an idea of how the property should be divided equally when lumped together with the rest of your marital assets. For example, if you own the home jointly, as well as a few vehicles and a business, the court can see the exact value of the home and make fair decisions about how to proceed. 

Your spouse is claiming the home is worth more than you believe it is. 

If you have agreed that you will keep the home and your spouse will take all other marital property, you do need to know the value of the home so you know you are not getting the unfair end of the deal. For instance, if your spouse claims the property is worth well over $100,000 and they will be taking that much in other property, but you believe the value has dropped, hiring an appraiser to get an exact estimate will clear any dispute on the matter.  

You and your spouse have amicably decided to sell the property. 

If you and your spouse are choosing to sell the property before you file for a divorce, it is actually a wise decision to make. This will allow the two of you to split the proceeds evenly and both of you can walk away with an equal share. However, any time you are going to list a property for sale, it is best if you have it appraised for value to keep the price in line with the current market. Something as simple as overestimating a fair asking price will delay the sale at a time you are ready to move on with your life. 

Reach out to companies like Campbell Auctioneers & Appraisers, LLC for additional information.