As Every Divorce is Painful, Make sure your Divorce Appraisal is As Smooth and Effective as Possible.
In a divorce, an appraisal of the home held by partners is necessary to be able to divide the fair market value of the home as part of a property settlement. A property divorce appraisal is often referred to as the divorce valuation of assets.
1st step: For your protection, get the best Attorney and the best Appraiser you can.
Attorneys, like Accountants and other fiduciary professionals, rely on property appraisals to help sort out the values for each party. This is especially important during a divorce, as it is important that you know the value of your properties so that you can negotiate fairly between the parties.
Often, the largest assets for people is their home. Before the divorce can be completed, the fair market value of the home needs to be supported in an appraisal report, so a decision can be made – who gets the house, or will it be sold and the funds split similar to the rest of the division of assets?
2nd Step: Agree on Effective Dates
Decide what dates to use to determine the values needed. Is a current value needed, or from a year ago, or some other time? This is to be determined by the parties and their attorneys.
3rd: Historical or Retrospective Appraisals in a Divorce Settlement
Ebert Appraisals is highly experienced in handling older dated, or historical / retrospective appraisals. This is when a date a few or many years back is needed. We recently provided a valuation for a client from 2003. This type of retrospective appraisal might need a valuation from the date of the marriage, or another key historical date.
James Ebert is guided by the Uniform Standards of Appraisal Practice (USPAP), (http://bit.ly/USPAP-EAS) for safety, honesty, discretion, and confidentiality.
4th: Get a preliminary review from a respected Appraiser
When planning for a present or future divorce, be prepared and pro-active, by calling us at 310.505.5916 and speak directly to James Ebert, Chief Appraiser. Jot down this email and follow up at James@eas2.com for more information.
If things are in flux, or due to fluctuating market values, you want some answers, you need to contact an appraiser and get an appraisal to determine the fair market value of your home.
Thanks to theAppraisalIQ.com