How Is The Value Of A Home Determined Throughout The Divorce Process?
Every single marital property will, when a divorce occurs, be divided in one form or another.
Given the fact outlined above, it helps to learn how a marital home is divided, when a divorce occurs, and how the value of a home is determined.
What Happens To A House When Two Spouses Divorce?
The state of Florida relies on equitable distribution. For this reason, when two spouses choose to divorce, every marital property and asset will be divided equitably.
A home that was acquired throughout the marriage will be divided in an equitable manner. Some of the ways in which a home can be divided in an equitable manner are as follows:
- Both spouses sell the home and, then, split the profits of the sale.
- One spouse buys out the other spouse, allowing them to live in the home.
- The home is given to the primary caregiver of the two spouse’s children.
Each one of these outcomes is quite common. But, regardless of the outcome that is desired, neither outcome can occur without the value of the marital home being determined.
How Is The Value Of A Home Determined Throughout The Divorce Process?
To determine the value of a home, divorcing spouses have two major options. These two major options are as follows:
- Conducting a professional appraisal.
- Going through the online valuation process.
Each one of these options can be used to determine the value of a home. By determining the value of a home, it is much easier for either spouse to do one of the following:
- Keep the home and, then, refinance it.
- Sell the home and divide the profits with the other spouse.
Regardless of which action a particular spouse wishes to take, the value of a marital home must be determined, before either one of these actions can be taken.
Conducting A Professional Appraisal
A professional appraisal is an appraisal of a marital home that is conducted by a professional. To appraise a marital home, a professional appraiser will do the following:
- Closely examine the market in which the home is located.
- Learn which improvements were made to the property.
- Compare properties that are similar to the marital home and belong to the same market.
- Go over the amount of money those comparable properties were sold for.
Every single one of the actions outlined above allows a professional appraiser to determine the value of a home. Right after this value has been determined, both spouses can choose what to do with their marital home.
Going Through The Online Valuation Process
The online valuation process is, as the name suggests, a process that occurs online, through the use of a website. By going through the online valuation process, the value of a marital home will be:
- Assessed through a comparison between the marital home and the current value of comparable properties within the same market.
- Assessed through a comparison between the marital home and the recent sale price of comparable properties.
Even though the online valuation process is effective, it isn’t always as accurate as a professional appraisal. For this reason, if an exact value is necessary, then hiring a professional appraiser is wise.
Speak With A Tampa Property Division Lawyer
To ensure that your marital home is divided in a fair, and equitable, manner, its value must be assessed before the division process occurs. Speak with a Tampa property division lawyer and we will assist you in achieving the best possible legal outcome.
Sources:
law.cornell.edu/wex/marital_property
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
