The Essence of Estate Appraisal in Divorce cases
Several cases may call for you to value your house not necessarily when you are purchasing or selling it. One of the times when you will want to know the value of your house is when you are looking forward to divorcing your spouse. There are several scenarios that are possible during a divorce. One of the scenarios is where the house is sold to allow the couple to split the proceeds. There is a time when the best option is to let one of the spouses keep the house and pay the proceeds to the other spouse. That is why it is important to have the appraisal in order to determine the market value of the house.
In some instances only one value is required which is the value at the date of filing the divorce case. In case where one of the spouses was owing the house in question, there may be two values needed, that is one at the time of marriage and another at the time of divorce. If the house has changed upwards in value it means that some money has been spending on upgrading the house. Therefore there will need to determine the initial value of improvement and the value after the house has been improved. When the value is determined, the couple, as well as the divorce judge, will be able to make some informed decisions that are crucial to the divorce process. When the value is known some decisions will be made based on that. You need to make sure the person who is valuing your property is professional and understands the work.
It is important to make sure that you have to get the right professional in order to obtain the right value of the property. 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. The the final figure will be useful to the judge when making the final determination of the case. When determining the divorce case the judge will need so many facts and one of them that cannot be left out is the true value of the property used by the family.
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. That will give you confidence that the figures used are true and correct. Therefore take your time and make sure you have chosen the right professional to carry out the valuation. Using the wrong expert means having determinations based on errors.