When spouses divorce, they will often enter into negotiations over property and asset distribution. If the parties come to an agreement over how to divide property, they may avoid litigation in a Texas courtroom. However, there could be disagreements over specific property’s worth, such as real estate. When addressing the family home during property division negotiations, it might be helpful to request an appraisal.
Appraising the property
A fair appraisal performed by a licensed professional could provide an accurate figure reflecting the property’s value. The appraiser would typically examine several different factors when arriving at the property’s valuation, including the property’s condition, recent home sales in the area, the number of rooms in the home and more.
During divorce proceedings, the spouses might intend to sell the property and distribute the assets. A proper appraisal could ensure that the two spouses receive a reasonable figure for the home’s sale.
Appraisals and other matters
Other reasons may prompt spouses to request a home appraisal during the divorce process. For example, if there’s still a mortgage on the property, the spouse who receives the house as part of the settlement might need to refinance the loan. An appraisal could move the refinancing process forward faster. Divorce proceedings could be stressful for all parties, and settling matters related to a once jointly held home might make things easier.
Problems may arise if both spouses hire separate appraisers, and the appraisal figures do not match. The two parties could work out an agreeable figure during negotiations. Working with a mediator might be an option when the spouses cannot agree. Be aware that a mediator does not issue any binding decisions. The judge’s issuance of a final divorce decree is legally binding.
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