Home Appraisal in Colorado Springs Dissolution AKA Divorce
In dissolution, AKA divorce, the spouses may choose to sell the marital home or one or the other may choose to keep it. The home may be the most valuable asset in dissolution. An appraisal is the best valuation method. Although a broker opinion can be utilized as well, it is not as accurate and may not be based on a personal viewing of the home. With an appraisal, the appraiser views the home and creates a customized estimate of fair market value based on comparable properties in the area, any improvements in the home and the condition of the home. In dissolution, the marital assets and debs are divided equitably, therefore it is important to value property as well as other assets.Decisions About Home Disposition
First the spouses have to decide whether one will keep the house and the other will buy him or her out of the interest, or whether the house will be sold. In either case, an appraisal, or at least a broker opinion is necessary to determine value. The advantage of the broker opinion is that it is free. If both parties agree to the value, then there will be no conflict about the value. However, it is usually best to have the more accurate number that a customized appraisal can produce.Retroactive Appraisals
Sometimes a retroactive appraisal is necessary. This is an appraisal that calculates a historical fair market value for a property. A retroactive appraisal is often necessary when one spouse purchase the home prior to the marriage. This is because that spouse has a separate property interest in the fair market value of the home as of the date of marriage. Any appreciation in the value of the home during the marriage is marital property, subject to equitable division. The marital value is calculated by subtracting the current value from the separate property value.Joint Appraisals
In dissolution, generally the spouses will agree to a joint appraisal and use that value. However, sometimes each spouse will hire an appraiser and then ask the Court to decide which value is more accurate. It is not unusual for the spouses to share the cost of a joint appraisal, however, depending on the financial situation one or the other party may pay for it, possibly subject to reallocation when property is divided.How Can an Attorney Help?
An attorney can guide you through Colorado Springs property division by handling pleading and motion preparation and filing, negotiation, mediation, and court proceedings from start to finish. This allows you to focus on moving forward to a better future rather than on trying to figure out how the overly complex court system works.Turning Change Into Opportunity in Colorado Springs
Colorado Springs Divorce and family law matters are difficult to navigate alone. The court system is more complex than it should be. Remember that change often creates new opportunity and a better future. Janko Family Law can help ensure that your best interests are protected. Contact us at 719-344-5523 or complete our online form to set up a free thirty-minute informational consultation.