For many couples, the marital residence is the largest asset obtained during the marriage. Whether you or your spouse wishes to retain the marital residence after the divorce, it is important that an accurate value is obtained for purposes of property division. There are typically two options regarding the home.
- The property can be sold and the proceeds divided.
- If either party wants to remain in the home, they can pay a settlement to their spouse.
In either case, an appraisal is needed. In scenario #1, an appraisal should be obtained to help determine a listing price in an effort to limit the time the house will be listed for sale and maximize the selling price. In scenario #2, the judge will not make a ruling on the settlement or division of property without an appraisal by a certified real estate appraiser. As to who is responsible for the appraisal fee remains at the discretion of an agreement between both parties or court ordered by the judge.