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If you’re getting divorced, do you need to hire a home appraiser?

On Behalf of | Feb 11, 2022 | High Asset Divorce |

For many people, the biggest asset that they own is their house. When they get divorced, dividing this asset can be a point of contention. You and your spouse may disagree on the true value of that house.

If you’re just deciding to sell the home, this may not be as big of a problem. You need to have an appraisal done to put it on the market anyway, and there’s not going to be any debate over how much money you earned in the sale once that sale has concluded. You can then divide the money.

The problem comes when one of you wants to keep the house. The other person may be fine with that, on the condition that they get other assets that have the same value as the house. This is where a difference of opinion can be a big issue. If you think the house is worth $500,000 and your spouse is saying it’s worth a million dollars, you’re so far apart that it’s going to dramatically impact what you get in the divorce. How do you know if what you’re receiving is what you deserve?

Home values can move fairly quickly

An additional problem may be that your divorce takes a few months or a year to conclude. How much has the home’s value changed during that time? If things are moving quickly, you absolutely need to know exactly what the value is at the time of property division. With high-value assets like a million-dollar home, even a 10% shift is huge.

If your divorce gets contentious and complex, be sure you take the time to look into all of your legal options.