Importance of Estate Appraisal When Undergoing Divorce
There are many instances when you may need to use the value of your house other than when you are either selling or buying it. Some of those cases are when you want to get a divorce. There are several scenarios that can take place during a divorce. One of the scenarios is where the house is sold to allow the couple to split the proceeds. The other possibility is having the house sold to one party and gives the proceeds to the other person. That means it is important to have the current market value of the house and that is why appraisal is necessary.
In some instances only one value is required which is the value at the date of filing the divorce case. if the house was owned by one of the spouses at the time of marriage, there may need to determine the value at the time of marriage and the time of divorce. The the house may be increasing in value in that the couple may have spent some money in order to give the house the value it has currently. Therefore there will need to determine the initial value of improvement and the value after the house has been improved. The judge presiding over the divorce case will need to know the value of the house in order to make some crucial decisions. Some of the determinations will have to be based on the value of the house. You need someone professional to value the property.
You are sure if you are dealing with a professional that you will get the correct value of the house. The appraiser needs to visit the property and take detailed notes in regard to the condition of the house and the quality of construction. All the defects that are found on the property have to be taken into the account before the final figure is determined. As the judge makes the final determination, the final figure will be used to aid in making the decisions. There are many other considerations that will be needed before the divorce case is determined but and determining the value of the house is one of the factors that cannot be left out.
After knowing that determining the value of the house is significant in the entire divorce process, the owners is on you to make sure you get the right appraisal expert for the job. The best thing is to know that you have the right figures as far as the house is concerned and the true position is determined correctly. Therefore take your time and make sure you have chosen the right professional to carry out the valuation. When you have the wrong expert, the determination will be based on the wrong figures.