During a divorce, establishing property value is an important process. The value of your assets is an important factor in determining the distribution of your marital assets. However, if you cannot agree on the valuation, it is a good idea to hire an independent appraiser to help you decide how much the property is worth. If you cannot agree on the valuation of the property, the judge may decide to use an expert’s opinion to arrive at an appropriate value. You may find more details about this at dividing property during divorce
The first step in establishing property value during a divorce is determining the type of property. The home is the most common asset to divide, and most spouses have a single family home. Others have multiple properties including condominiums, townhouses, mobile homes, and even second homes. In addition to the house, there is investment and farm land. If you own a business, you may also want to determine how much your assets are worth.
Property valuations can also help you understand how much your property is worth. For example, if you spent a great deal of money on improvements to the house during the marriage, the value of that part of the home will be higher than the value of the house alone. If you spent less than the market value of the home during the marriage, you may want to consider a retrospective appraisal to determine the value of your home.
In divorce, the value of a home should be established as soon as possible after the dissolution of the marriage. In most states, it is presumed that equity in a house will be split equally, so a fair division of the equity is required. When determining the value of a house, the spouse claiming separate property should be able to provide evidence that supports the claim. Another way to determine the value of a home is to hire an expert to appraise it.
In New York, establishing property value is an important step in determining the division of a home. In most cases, both parties have a marital home. Whether it’s a single-family house, condo, co-op, or mobile home, the assets are divided based on its market value. Some couples may also have second homes or timeshares, but these are not considered part of the marital home. Nevertheless, the valuation of the house is necessary for determining equitable distribution.
A divorce court presumes that the equity in a house should be divided equally. Therefore, determining the equity in a house is done by calculating the value of the house and subtracting any debts. In most states, the divorcing couple should try to achieve the highest possible value of the home. It is possible to hire an expert to evaluate the value of the property. A qualified professional will be able to assess the current market value of a home.