Property appraisals are required for many other reasons besides trying to acquire financing for a purchase. Anytime the value of a property is needed, an appraisal is needed. Divorce is a perfect example.
During a divorce there may be marital property that needs to be divided or sold as part of the settlement. In order to know the value of the home, property, commercial building, farm, or whatever the property may be, hiring an appraiser to value the property is a must. Having an accurate value of the property will be helpful for reaching a fair, unbiased agreement to divide assets.
Divorces often require assets to be sold and liquidated to split up finances. In some instances one party wants to keep the property, in which case the value of the property is needed to know what the remaining party needs to pay the exiting party in order to transfer the property ownership. It is in the best interest of both parties to agree to an appraisal to ensure that a fair value is determined. Sometimes during these instances, sentimental value or other emotions can lead to higher values than the actual market value of the real estate.
Having a recent appraisal of the property can help ensure the fair and proper division of assets as determined by a judge. Judges can also compare a current appraisal from the appraisal at the time of purchase to determine renovation costs and other expenses that may arise during the divorce negotiations.
If you have any questions about the appraisal process for a divorce, please contact us today and we will gladly answer them.