A College Station Divorce Lawyer Discusses Valuing the Marital Home during Divorce
One of the most difficult aspects for a divorce lawyer occurs when it comes time to placing a value on the marital home. For one thing, this can be a highly-emotional process for both parties, especially if the plan is to sell the home and split the proceeds. This process is also problematic in the event one spouse believes the house is worth much more than the other.
Ways to Value the Marital Home In general, there are three ways for your divorce lawyer to evaluate your home's worth. One reliable way is by using a licensed appraiser. At first blush, it may seem costly and unnecessary to spend a couple hundred dollars for an appraisal. However, your attorney will explain that spending the money for an appraisal, even if you just had one done a few years ago, will result in an up-to-date evaluation that will allow you and your spouse to fairly divide the equity in the home.
Another method to value your home is to perform a comparative market analysis. This is done by reviewing sale prices for similar homes in your area to obtain an approximate value of your home. This is much less expensive, but not as accurate. If you prefer to use this method, your College Station divorce lawyer will help you find a reliable realtor with accurate knowledge of recent home sales.
Of course, you and your spouse are free to agree on a value of the home based upon mutual negotiation. While this is the least costly option, it requires a level of agreement between spouses that is not always achievable in every situation.
Contact a College Station Divorce Lawyer Today If you are considering a divorce and have questions about property division, contact one of the divorce attorneys at the Peterson Law Group today. To make an appointment, call 979-703-7014.