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Heading for divorce? Here are 3 ways to value the house

On Behalf of | Dec 13, 2017 | high asset divorce | 0 comments

There is no way around it, divorce is complicated. This is especially true when you have high-value complex assets. It might take weeks or months to assess certain property to assign it an appropriate value. For example, if you own certain antiques, it might take time to find an appraiser who specializes in the particular types that are part of your marital property. However, some items might be easier to assess.

In general, there are three main ways that you can value your house in Williamsport. Inform yourself about these three methods.

Hire a licensed appraiser

If you are looking for a reliable way to assess the value of your house, the best thing you can do is to hire an appraiser. Even if you had an appraisal done in the last few years, to dispute an increase in property taxes for instance, you should still get a current one. This is mainly due to changes that might occur in the real estate market. For example, if there has been a downturn in the market, you do not want to pay more than your share of the current market value to your wife if you decide to keep the house.

Market analysis

Another option you have is to perform a comparative market analysis (CMA) on your home. This requires looking at the current market values of other homes recently sold in the area that have similar characteristics as yours. In other words, if you have a 3,000 square foot home sitting on five acres with a pool, you will not want to look at the sales for 1,200 square foot houses on a half acre that are across town. Unfortunately, this method is not as accurate as obtaining an appraisal, but it is usually less expensive.

Research it on your own

If you feel confident in your research skills, you can search various websites for current home listings and estimate a value for your house on your own. This is definitely the least accurate of the three options and, unless your wife agrees to this method, it is usually better to go with one of the more reliable valuation processes.

If you are considering divorce, it is important to take steps to properly value all of the assets that are part of the property settlement. When it comes to complex and high-value assets, appraisers and financial advisors are generally the most reliable sources. In order to walk away with your fair share of the marital property, take the necessary steps to ensure all your property has the proper value.