In order to determine the value of the real estate that will be shared as part of the divorce property settlement, an evaluation of the property owned by one or both parties is typically mandatory when you divorce. This form of evaluation is generally referred to as a divorce appraisal. Divorce valuation of assets is another common term used for assessing the value of property assets, including real estate, after a divorce.
In the estimation of real estate values, lawyers and accountants depend on skilled property appraisals. During a divorce, this is especially relevant since the division of assets for the settlement of divorce property has to be based on the property 's current (actual) fair market value. It is important that you know the value of your real estate so that you can reach a reasonable compromise with the parties to the divorce if you are worried that you might be in a negative equity situation with your property (meaning you owe more than your home is worth).
Sadly, divorce occurs, and assets need to be separated when they do. For many individuals, one of the greatest assets is their house. The value of the home must be decided by a residential real estate valuation before a divorce can be finalized, and then a decision must be made-does one party get the house (perhaps by purchasing the other person), or will the property be sold and the proceeds split along lines similar to the rest of the asset division? In Florida, in order to receive an appraisal that will stand up ( i.e. be defensible) in court, a Licensed Residential Appraiser can administer the divorce appraisal.
Treasure Coast Appraisals are trained in the handling of assessments where the date of the assessment is different from the date the report is ordered or the date the assessment is carried out.
The successful date needs to match the date of the marriage, or some main date in the past, for this form of assessment, called a retrospective assessment. If the property was originally (or still is) the property of one owner prior to the marriage, you will still need to be able to substantiate the value of the property when you bought it.
Treasure Coast Appraisals adheres exclusively to the Uniform Principles of Appraisal Practice (USPAP), which suggests that independence and confidentiality will be treated with the information we obtain that are required to undertake a property valuation for a divorce settlement.
Call 1-252-917-4619 and schedule an appointment with Treasure Coast Appraisals. For over 30 years, our clients in Port Saint Lucie and Martin County, Florida, know that the appraisals we do will hold up in court for you.