Property Appraisals in Divorce
Divorce can be complicated, particularly when it involves coming to an agreement on a fair split or distribution of a couple’s assets. One of the more often frustrating issues in a contested divorce is the equitable distribution of assets and liabilities between the spouses, particularly when they do not agree on the value.
Property values are often highly contested when one spouse is receiving the asset. The party receiving the property usually suggests a lower value and the spouse giving up the property usually suggests a higher value. In a traditional litigation case, when the spouses cannot agree on the fair market value of the marital home, appraisals of the property will be done. Sometimes the parties will agree on using a single appraisal to resolve the issue. In more typical instances, each spouse obtains their own appraisal. If the parties cannot otherwise resolve their differences, the judge will ultimately determine the value based upon the competing appraisals.
The Collaborative Process eliminates the need for multiple appraisals. The Collaborative Process is an out-of-court alternative to traditional litigation. The participant spouses work with collaboratively-trained lawyers and neutral professionals to develop options and reach agreements with more flexibility than would be found in any courtroom. Within the collaborative context, a joint real estate appraiser can be utilized to provide the spouses with a value which can then be accepted or used a baseline for further discussion. In fact, this is one of the great benefits of a Collaborative Divorce: the parties ultimately make their own decisions.
Asset division is an important part of any divorce. Sometimes the marital home is the most significant asset. An accurate property appraisal is vital in determining an appropriate outcome with regard to any real property owned by the spouses. We work with trusted real estate appraisers if you are in need of obtaining an appraisal on your home or other real property that may be distributed in your divorce.
Kendrick Law Group is dedicated to providing quality legal counsel for your Family Law matter. If you are seeking a divorce and want to know more about your options, contact us today to schedule your consultation and meet with one of our experienced Family Law attorneys.
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