Marital Property, Real Estate Appraisals, and Divorce

 Posted on November 06,2015 in Marital Property

In a divorce, one of the most important aspects is the division of the couple's marital property. This is done to ensure that each partner exits the marriage with an appropriate share of the body of assets that he or she worked to build while the couple was married. In Illinois, this is done according to the principle of equitable distribution, meaning that a couple's property is not divided 50/50, but according to a set of factors, such as each partner's income and the length of the couple's marriage. In nearly all marriages, the couple's home is the most valuable piece of property they own. However, a home's value is more than just its market price. The amount of money the couple still owes on their mortgage and the house's projected appreciation factor into its value in the property division process. To determine a fair appraisal of a couple's home, a third party appraiser might be brought in to examine all relevant factors to find its value. If a real estate appraisal is a necessary part of your divorce, your attorney can help make sure you receive a fair appraisal quote.

Work with a Reputable Appraiser

Talk to your attorney or use the internet to find a real estate appraiser who has a record of giving accurate, fair appraisals. If you can find an appraiser who has experience working with divorcing couples for this purposes, working with him or her is in your best interest. Be sure to work with an appraiser who is certified by the state of Illinois and part of a nationally-recognized appraisal organization.

Be Ready to Open Your Home

The appraiser will come to your home and inspect the entire property. This includes crawl spaces, the basement, and the attic. He or she will ask you specific questions about your home, such as if it has ever flooded or if there are any problems with the property. Be honest with him or her. You have nothing to gain by attempting to conceal information from the appraiser.

Unique Features on Your Property Will Be Considered

If you have a pool, a greenhouse, a two-car garage, or any other upgrade or unique factor on your property, this will be considered in your appraisal. However, not all unique features make your home more valuable. Some do not affect your home's value and others can actually have a negative impact, especially if they are in poor condition and will need considerable work to correct or remove. For example, a swimming pool that has not been maintained and is full of algae and mold can negatively impact your home's value.

Divorce Attorneys in Kane County

If you are ready to end your marriage or you have already begun the divorce process, contact an experienced Kane County divorce attorney for legal guidance and representation. Contact Goostree Law Group in St. Charles, Illinois. We are a team of experienced divorce attorneys who can answer all of your questions about the divorce process.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt.+IV&ActID=2086&ChapterID=59&SeqStart=3800000&SeqEnd=5300000

http://appointments.illinois.gov/appointmentsDetail.cfm?id=236