Real Estate Appraisal during Divorce

 Posted on April 26, 2016 in Division of Property

When an Illinois couple divorces, their assets are divided among them equitably. This means that rather than splitting the couple's assets down the middle, the court divides them according to what it feels would benefit each party most and accurately compensates each for his or her contributions to the marriage. But in order for the court to determine this, it must determine the monetary value of the couple's total pool of assets. For most couples, the largest piece of the asset pool is the couple's home. Houses can also fluctuate greatly in value, and it is not uncommon for real estate websites to list misleading values for houses. This is why a divorcing couple must have their home appraised by a certified real estate appraiser.

The Appraisal Process

When a real estate appraiser comes to determine a property's value, he or she begins the process with a brief chat with the property's owner. During this chat, he or she might ask questions about and special circumstances regarding the property or concerns the owner has. After this, the appraiser tours the property, taking note of aspects like room size, the materials used in the home, whether key features like the roof or heating system have been replaced or will need to be in the near future, updates the homeowners made to the home, and any special features like a finished basement or a swimming pool. These can all raise or lower the value of a property.

After the visit, the appraiser compares your home to other homes in the area that sold in the past six months. He or she does this using a template that allows him or her to account for features or concerns with your property that affect its value. Once this is complete, he or she quotes a market value for the couple's home.

Determining What to Do with the Home

Once a market value is reached for a couple's home, the court may decide how to fairly divide that value between the couple. It might require the couple to sell the home and split the profit. If one partner wants to continue living in the home, the court might require him or her to buy out the other partner's share of the couple's equity in the home. The court might also award the home to one partner and compensate the other by giving him or her a larger share of the couple's other assets.

Work with a Kane County Divorce Lawyer

If you are considering filing for divorce in the near future or you have already begun the process, you know that you will soon need to have your family home and the rest of your assets appraised so they can be equitably divided between you and your spouse. To learn more about the specifics of this process and ensure that your rights and interests are protected throughout it, work with one of the experienced Kane County divorce lawyers at the Goostree Law Group. Contact our firm today to schedule your free legal consultation with us.

Source:

http://www.idfpr.com/profs/appraisal.asp