Texas couples going through a divorce have many issues to negotiate in order to reach a settlement. One of the more complicated issues surrounding a divorce is how to divide the marital property, including real estate acquired during the marriage. This process can be especially complicated when the couple owns more than one piece of property,
In order to eliminate some of the confusion and ensure that the process is handled fairly, it is common for divorcing couples to seek the services of professional real estate appraisers. Appraisers can pull the comparable properties that have sold in the same market to get a fair market value of the property. However, there are several factors that go into this process, such as uncommon additions to the property, and determining the actual value of a property involved in a divorce can be complex.
It is important to work with a real estate appraiser who is knowledgeable of the market where the residence in question is located. If a former couple owned multiple homes during their marriage, the appraiser they use in one location may not be the best choice to evaluate a vacation property somewhere else. For example, the appraiser who has a complete understanding of the market in Dallas may not have adequate knowledge of the market for a vacation home located out of state.
When attempting to decide whether one person in a couple should keep a residence after the divorce or whether the couple should sell the property and divide the profits, the unbiased opinion of a qualified real estate appraiser is very important. A family law attorney can then use the appraiser’s findings to ensure that his or her client receives a favorable settlement.
Source: Forbes,”Seven Key Points Divorcing Women Need To Know About Real Estate And Real Estate Appraisals,” Jeff Landers, Jan. 22, 2013