Divorce and Mediation Appraisals
Dividing marital assets is one of the top priorities in divorce.
Dividing marital assets during divorce proceedings is a critical aspect, and it's essential to obtain accurate appraisal reports for each property involved. When it comes to divorce and mediation appraisals, you need a competent and knowledgeable local appraiser. An appraiser who is well-acquainted with the subject property's market area can provide the most dependable valuation.​
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In divorce and mediation cases, attorneys primarily focus on the final opinion of the market value of the subject property in the appraisal report. This value serves as the basis for various negotiation paths, including selling the property and dividing the equity, one party buying out the other's interest, or refinancing the property to access its equity.​
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Regardless of the chosen course of action, the initial step is to determine the market value of the subject property. Divorce is a highly stressful life event, and settling one of the most significant investments only adds to the complexity. I recognize the range of emotions and the weight of decisions for each party involved in a divorce. By selecting SPA, you can trust in my appraisal process, ensuring that you will have a solid, well supported appraisal and value to rely on in the event of a dispute. Allowing you to concentrate on other pressing concerns.
Who orders the Appraisal and what do you need to know?
In divorce or mediation situations, it's common for each party's attorney to order their appraisal. Although these appraisals might yield slightly different values, the disparity should not be significant. The market value of a property is not influenced by who orders the appraisal report; it's determined by analyzing the market and comparable sales of similar properties. There's a narrow range of value for these comparable properties, ensuring consistency.​
During the appraisal process, appraisers select comparable sales based on essential parameters such as square footage, room count, condition, and quality of upgrades. The most recent comparable sale and the one closest in proximity to the subject property are considered. It's important to note that if there are two appraisal reports involved, they should ideally share some common comparables.​
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In cases where two appraisal reports present different values, the judge or mediator typically takes an average by adding both values together and dividing it by two. This approach ensures a fair assessment that considers the opinions presented by both parties.
