Property Appraisals Critical in Complex Divorce Cases

 Posted on September 17, 2014 in Complex Property Litigation

If you are involved in a high asset divorce that involves complex property litigation, it is essential to have an accurate value of the property since it is all part of the marital estate. The estate will be divided between you and your soon-to-be ex-spouse. Therefore, you will want to ensure that all property, to which you are legally and financially entitled, is received. To begin, you will first want to obtain a property appraisal for all properties owned by you and your spouse. Property values fluctuate; hence, make sure you have the most up-to-date dollar value. If not, you could be hurt financially if the market dropped since the last appraisal was completed. As an example, let us say you want the vacation home you and your spouse co-own. The home was originally appraised in 2010 for $1 million. However, the most recent property appraisal shows the property is now worth $900,000. Had you gone with the old figure, you would have paid your spouse an extra $50,000 in equity. Additionally, you could also lose out if your spouse wants the property and you are paid the equity but are not using up-to-date property appraisal amounts and property prices have risen. Thus, this could mean less equity for you.

Another way to determine what a property is worth is to have a Comparative Market Analysis (CMA) done. A CMA looks at similar properties that have active listings, pending listings, and have recently sold. All properties reviewed are located in the same area as the property being evaluated. Most CMAs are performed by realtors.

There are also several websites to help determine the approximate value of your property. Although the information from these sites may not be permitted for court use, they can provide you with an idea of what your property is valued so you can decide your next steps of action.

If you are considering a divorce where there will be complex property or high asset issues, it is critical to contact an aggressive Cedar Park complex divorce attorney to begin planning and strategizing and to ensure you receive all that you are entitled to in your divorce settlement.