Do you know if your appraisal for asset division will hold up in court?
In the unfortunate case of a divorce, the appraisal for asset division must be a well-supported, professional report that’s defensible in court.
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Learn More About Divorce Appraisals for Asset Division
For many couples, their real estate is the largest asset obtained during the marriage. Even if, you or your spouse wishes to retain the marital residence after the divorce, it is important that an accurate value is obtained for purposes of property division. There are typically two options regarding the real estate holdings.
The property can be sold and the proceeds divided.
If either party wants to remain in the home, they can pay a settlement to other
In either case, an appraisal is needed. In scenario #1, an appraisal should be obtained to help determine a listing price in an effort to limit the time the house will be listed for sale and maximize the selling price.
In scenario #2, the judge will not make a ruling on the settlement or division of property without an appraisal by a certified real estate appraiser.
Divorce appraisals require a well-supported, professional appraisal that is defensible in court. The appraisal should be completed by an appraiser with experience in providing both current real estate value as well as retrospective value, as one or both may be required by the courts. A Retrospective Appraisal means the value of the property is based upon a date in the past (perhaps the filing date, the date of marriage, the date of separation or the date of purchase) rather than the current date. If your case were to go to court, the appraiser may be called as expert witness.
It is imperative that the appraiser’s value and adjustments made in the report are clearly explained and supported. Valuation Technology provides detailed and well-substantiated reports that are defensible in court.
Divorce Appraisal Report Recommendations
We utilize a proprietary valuation platform and our market specialization to produce accurate, well-developed appraisals available in a variety report formats tailored to complement the different scenarios presented in the dissolution of marriage process.
Appraisals used in divorce situations should not be reported on FNMA lending forms as they are not compliant. Our technology-assisted appraisals are compliant, detailed appraisal which are prefect for divorce and family planning purposes.
Good for typical or tract homes when sufficient property information is available or when access is not available or if the property is substantially different than the required effective date.
Used when interior access is not available or in the cases of retrospective appraisals or if the property is no longer owned or is materially different from the requested effective date.
A complete analysis developed when an inspection of the property can be conducted, which typicallyis when the property is still owned or occupied by an agreeable spouse.
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