How To Determine Home Value During a Divorce

Marrying someone only to find out years later that the two of you are incompatible is not uncommon but that doesn’t mean it isn’t difficult. Deciding to divorce begins the process of splitting everything accumulated during the marriage including the home.

Finding an Appraiser

Whether one of you decides to remain in the home or you both decide selling is best, you will need to get a home appraisal so you can estimate your share of the sale proceeds, if the home is listed, or how much the other spouse owes if there is a buyout.

You’ll need to work with an appraiser to ascertain your home’s full market value. The appraiser will compare your home to other homes in the area, including size, updates, and condition.

After the Sale

Many people don’t realize that proceeds from the sale of the home count as income. This means if you are owed half of the proceeds from selling the home, you won’t get the full 50% of the value. Capital gains taxes will need to be paid first.

A Neutral Party

It’s not common that a couple will agree on everything during a divorce. Whether you need help finding an appraiser or you need assistance negotiating your share of the assets, working with a divorce mediation service such as Out-of-Court Solutions can help lessen some of the stress.