Appraising Your House is an Important Part of Divorce

 Posted on February 22,2023 in Division of Property

Getting divorced is a complex process with many moving parts. Each of these parts - such as child custody, alimony, and asset division - has subsequent pieces of its own that require careful attention and management throughout the divorce process. Of all the things that must be decided during divorce, asset division has the potential to have the most long-term consequences, as the financial future of a divorcing couple can be highly influenced by the outcome of their property division agreement. This means assessing the correct value of assets is essential, and, because the family home is often the most valuable asset a couple owns together, an accurate home appraisal is necessary. 

How Do We Get Ready to Have Our House Appraised? 

A professional appraiser will come to your house, look at its interior and exterior, compare it to other homes in the area that have recently sold or are up for sale, and estimate the value of your home accordingly. You can influence the value of your home by preparing for the appraisal process by: 

• Ensuring the inside and outside of your home is clean and tidy 

• Making minor repairs 

• Fixing any broken fixtures, like cabinets or garage doors 

• Cleaning the yard and doing basic landscaping, such as mowing the lawn and pulling weeds 

While you do not want to spend a significant amount of money getting your house ready for an appraisal, spending a little can go a long way towards making your house look like a good prospect for sale and thereby increase its value. 

What if We Had an Appraisal a Few Years Ago? 

Getting an appraisal costs money, so many couples wonder whether a current appraisal is really necessary. But the housing market fluctuates frequently, areas become more or less desirable in a short period of time, and small changes to a house can make a big difference in its estimated value. Having a current appraisal that both spouses agree on ensures accuracy during the asset division proceedings if the house is sold and the proceeds are divided. If one spouse decides to keep the house, having an accurate appraisal will ensure the other spouse gets their fair share of the house’s current value. 

Call a St. Charles, IL Divorce Attorney Today

Determining the value of your home and then figuring out how to split it with your spouse can be challenging, but with the help of a Kane County, IL asset division attorney with Goostree Law Group, it can be done. Make sure your divorce decree looks out for your financial best interests by working with our team. Call 630-584-4800 today to make an appointment for a free consultation. 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=0&SeqStart=6200000&SeqEnd=8675000