Who gets the house? In a divorce there are generally two options to choose from when it comes to the family home: It can be sold and the proceeds divided, or one party can buy out the other. However it is decided, you will most likely need a divorce appraisal.
A divorce appraisal, sometimes referred to as a divorce valuation of assets, is usually required to determine the value of real estate that will be divided. Beacuse your home is most likely your largest asset, it is extremely important to have a professional real estate appraiser value your property. Divorce attorneys and accountants handling a divorce rely on divorce appraisers when calculating the value of a home.
In addition to a current market-date evaluation, the divorce appraisal will sometimes be based on a retrospective date and sometimes it will be necessary to have both. The appraiser in a divorce situation may be called upon to be an expert have both. The appraiser in a divorce situation may be called upon to be an expert witness if the divorce case goes to court. It is important to obtain an appraisal that witness if the divorce case goes to court. It is important to obtain an appraisal that is acceptable to both the IRS and the attorney that is handling your settlement.
If you are in need of a divorce appraisal, or if you know someone who does, please give our office a call at (714) 525-0900. We have a Certified Professional Appraiser on our staff that is experienced in divorce appraisals. Ginger Douglass has over 10 years of experience as an appraiser and is approved for FHA loans. Contact Ginger directly (714) 458-6234.