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Home appraisal may be needed as part of divorce property division

| May 18, 2020 | Divorce |

To some Arizona residents, the family home is a priceless asset. No amount of money can take the place of the memories and dreams that are attributed to this sacred place. Yet, when it comes to divorce, this priceless item really does need to have a price put on it.

One part of deciding who gets what is to establish the value of each asset. While one’s home may appear to be priceless to that individual, when it comes to divorce, one will want to know what its value would be if the home were to be sold. This can be done by obtaining an appraisal on the home.

A residential appraiser will examine the home and analyze it as compared to other similar property to determine its market value. This is done by looking at the condition of the home as well as its square footage, location and the various amenities. Once this has been completed, the appraiser will research recent sales of other similar properties in the area. By making appropriate adjustments for the differences in these comparable properties to the home being appraised, a market value can be established.

This market value can then be used to determine the value of the home as a part of the property division process in the Arizona resident’s divorce. With this information in mind, the individual may realize that based on the current market, it may be in his or her best interest to go ahead and sell the home. Or, the individual may still decide that keeping the home with worth forgoing other assets that may provide more easily accessible funds.