There are many assets that may be divided during a divorce. One of the more important and more valuable is a home. A home can be a house, condo, apartment or mobile home. If it was purchased while the couple was married, it is considered a marital asset and it will be divisible during the divorce.
If the home was purchased prior to the marriage, it may be considered a non-martial property, unless it was refinanced while the couple was married.
There are several ways to ascertain the value of the home:
Put It Up For Sale – Many times during a divorce, the couple will want to sell the house. The proceeds are then divided and the individuals can got their separate ways. If one party decides they really want to stay in the house, there are arrangements that can be made. A “buy out” is simplest of these arrangements. One half agrees to buy out the other’s equity.
Real Estate Agent Valuation – Consult with a real estate agent about selling your home. They will perform their usual due diligence and give you a realistic estimate for what it would be listed for. You could also hire an appraiser to give an official appraisal of the house, but this will cost money, it will be a very thorough report and will usually be lower than what the house will list for.
Offset Other Assets – Sometimes a home can be given to one party in a divorce to offset the value of other assets such as a 401K. Other valuable items it can offset are other homes, vehicles, or investments.