What is it worth? In some Virginia residents’ eyes, their home is priceless. It is the place where their dreams were made, their children grew up and they planned to live happily ever after. Or perhaps, the individual considers the home to be almost worthless; it represents a miserable mistake that is in the process of being rectified. Regardless of the viewpoint, in a high-asset divorce, the family home can play a significant role.
The emotional value of the family home will likely be different for each person involved. Furthermore, when it comes to the overall financial picture and division of assets, emotions can stand in the way of the individual’s overall goals. Thus, rather than rely upon the emotional value, one will want to determine the actual market value of the home.
Market value is what the property should bring if it were sold to an uninterested third party. It is what the property is worth as compared to other similar properties in similar areas. In order to determine the market value of the property, the individual will want to hire a real estate appraiser. This appraiser will examine the home and analyze its features and sales potential as compared to other similar properties.
The decision to either keep or sell the family home is a difficult one to make. The home may have significantly increased in value since it was purchased. Or, due to market conditions, it may not be worth what the Virginia resident thought it was worth. Additionally, when all things are considered and one individual decides to take the home in lieu of other financial assets, there may be financial repercussions down the road. Experienced legal counsel can work with the individual to determine if keeping the home should be considered.