Divorce is hard. There is no getting around it. Emotions are everywhere. Decisions have to be made. And one of the biggest decisions is what to do with the house. That is where a divorce appraisal comes in. But before you pick up the phone and call Schultz Appraisal Services LLC, there are a few things you should know.
It Is Not the Same as a Regular Appraisal
Here is something people do not realize. A divorce appraisal is different from a standard appraisal. When you get a regular appraisal for a purchase or refinance, the appraiser just needs to give a value. For a divorce, things are more serious.
The appraisal you get for your divorce could end up as evidence in court. That means it has to be thorough. It has to be well-documented. It has to stand up to scrutiny from lawyers and possibly a judge. Schultz Appraisal Services LLC knows how to handle this.
Both Spouses Should Be Involved
A divorce appraisal affects both of you. The number determines who gets what. It affects the buyout amount. It affects the division of assets. So both spouses should have a say in the process.
Talk to each other. Agree on the appraiser. Schultz Appraisal Services LLC can work with both parties. We provide an unbiased number that everyone can trust. That is the whole point.
You Need an Appraiser Who Knows Divorce Cases
Not every appraiser understands divorce situations. A residential appraiser might be great for regular home valuations. But divorce appraisals have their own requirements. The appraiser needs to know how to write reports that hold up in court.
Schultz Appraisal Services LLC has experience with divorce appraisals. We know what attorneys look for. We know what judges expect. We provide the kind of thorough documentation you need.
The Value Is for a Specific Date
Here is something that can get confusing. In a divorce, the value often needs to be tied to a specific date. Sometimes that is the date of separation. Sometimes it is the date the divorce petition was filed. Sometimes it is a date you both agree on.
Talk to your attorney. Find out what date you need. Schultz Appraisal Services LLC can do a retrospective appraisal that looks back at a specific date. We research what the market was doing at that time and give you a value based on that date.
The House Condition Matters
The appraiser is going to look at everything. They will inspect the roof, the heating and cooling, the plumbing, and the electrical. They will look at the condition of the floors, the walls, and the windows. They will look at any upgrades or renovations. They will look at deferred maintenance.
If the house has been sitting empty or has not been well maintained, that will affect the value. Schultz Appraisal Services LLC gives you an honest assessment.
What Is a Buyout?
This is probably the most common scenario. One spouse wants to keep the house. The other spouse wants out. The spouse keeping the house buys out the other spouse’s share.
Here is how it works. You get the appraisal. That gives you the current market value. Subtract what you owe on the mortgage. That gives you the equity. Split the equity in half. The spouse keeping the house pays the other spouse that amount. It sounds simple, but it all depends on that appraisal number.
What If You Sell the House?
Some couples decide to sell the house and split the proceeds. That is often the cleanest solution. A divorce appraisal can still help you here. It gives you a solid number for setting the listing price. And it gives both parties an agreed value to work with during negotiations.
Do Not Use the Tax Assessment
Here is a mistake a lot of people make. They look at the county tax assessment and think that is what the house is worth. It is not. Tax assessments are for tax purposes, not market value. They can be way off. You need a professional appraisal from Schultz Appraisal Services LLC.
The Cost of a Divorce Appraisal
A divorce appraisal costs about the same as a regular residential appraisal. The price depends on the property size and complexity. It is a small investment compared to the cost of making a mistake in your divorce settlement.
Frequently Asked Questions
What exactly is a divorce appraisal?
A divorce appraisal is a professional opinion of a property’s market value used in divorce proceedings. It provides the basis for dividing property, calculating buyouts, or setting a listing price.
How is a divorce appraisal different from a regular appraisal?
Divorce appraisals are often used as evidence in court. They need to be more thorough and well-documented.
Do both spouses need to be present during the appraisal?
Not necessarily. Usually the appraiser just needs access to the property. One spouse can provide that access. However, having both spouses there is fine too.
What date is used for a divorce appraisal?
The date depends on your situation. Sometimes it is the date of separation. Sometimes it is the date the divorce petition was filed. Sometimes it is a date you both agree on. Talk to your attorney and decide what works best.
How long does a divorce appraisal take?
Most divorce appraisals take about one week from the inspection to the final report. Schultz Appraisal Services LLC works efficiently so you can move forward with your settlement.
What happens if one spouse does not agree with the appraisal?
If one spouse disagrees, they can get their own appraisal. That costs more money and can delay the process.
Can one appraisal be used for both spouses?
Yes, absolutely. One appraisal provides a single value that both parties can reference.
Should I clean up the house before the appraisal?
Yes, it helps. A clean, well-maintained house presents better to the appraiser.
What does the appraiser look for during the inspection?
The appraiser looks at the size and layout. They inspect the roof, heating, cooling, plumbing, and electrical. They look at the overall condition.
Why choose Schultz Appraisal Services LLC for a divorce appraisal?
Schultz Appraisal Services LLC provides honest, professional divorce appraisals you can rely on. Our reports are thorough and defensible.
