If you have made the choice to divorce your spouse, it is essential to understand your home as an asset. Your home can be kept by one party after a divorce if they purchase the other party’s stake. Another option is the sale of the house which would allow the proceeds to be split equally. That makes it important to make sure you receive a fair price for your home during the division of property.
A common step is to get an appraisal of your home. While an appraisal is the most expensive way to value your home, that is because you get what you pay for. When it comes time to divide your property an accurate appraisal can save you or make you up to a couple of thousands of dollars potentially. The appraiser can also be a valuable witness if your divorce becomes contested. Unless you money is tied up in the divorce process, this is the most useful way to evaluate your house’s value.
Another less costly method of home valuation is a comparative market analysis. A real estate agent can complete a CMA at little or no cost to the homeowner. Recent home transactions in your neighborhood are compared to your home to assess your home’s value. This method often doesn’t look at the current condition of your home. While this is inexpensive, it is a good way to loss assets in a divorce.
If you and your spouse can agree to a self-researched evaluation, then there are a multitude of real estate websites that can provide home values. Documents from these websites are not as accurate from the perspective of the divorce court.
Since homes are valuable assets, it is important to value them correctly. These are there options unless both you and your spouse are agreeing to sell the marital home and split the proceeds. Contact an experienced divorce attorney in DuPage County who can help settle difficult aspects of your divorce.