Many couples typically obtain many assets during their marriage, with their home being the most significant asset acquired throughout the wedding.
However, when doing so, many couples need help to prepare for complications that may arise in a divorce, and this leaves both parties in limbo on handling a divorce appraisal if required.
Here are some of the frequently asked questions about divorce appraisal, as well as the correct answers to give you all the information you need;
What is a divorce appraisal?
Typically, a divorce appraisal assesses the value of a marital home to determine the house's value for the settlement process.
Usually, there are different factors, such as recent comparable home sold data and why either party hires a licensed and certified appraiser to give an honest opinion of the home's value.
Why is a divorce appraisal necessary?
In a divorce situation, the couple can sell their home and divide the proceeds from the sale between both parties, or one party may decide to remain in the house and pay a settlement to their partner.
Regardless of the option the couple wants, there are different reasons why a divorce appraisal is needed. If they want to sell their home, an assessment is required to know the house's current market value and determine the home's actual value.
Similarly, if one party intends to remain in the home and pay a settlement, the judge will require an appraisal to judge the settlement fee to be paid.
Do I need to hire an appraisal company for a divorce appraisal?
Professionals must carry out divorce assessments to provide an appraisal that either party can defend in court. This assessment ensures that both parties receive a fair share of the home regardless of what they do with it.
It is, therefore, imperative that experienced and qualified appraisers assess your home to ascertain the actual value of your home.
Within Maryland, Washington, D.C, Virginia, and the surrounding areas, our knowledge, and experience of divorce appraisals are unmatched, which means that you can trust us to handle your review with confidentiality and professionalism.