You may never have imagined that you and your spouse would one day leave the Virginia home you love to go your separate ways. Trouble may have brewed in your marriage for some time, or a specific cataclysmic event may have recently occurred. Either way, filing for a divorce means that you will have divide your marital assets and liabilities.
There are guidelines and regulations that govern the asset division process in Virginia. Some rules clarify what exactly is meant by ”marital property,” as well as whether certain assets may be categorized under separate ownership. One of the tasks a spouse who is filing for divorce must carry out is determining the value of his or her assets.
A home is usually one of the largest assets in a divorce
You might want to retain ownership of your home in a divorce. Then again, you might want to sell it. In any event, you must first determine the value of the home as an asset. There are several ways you can do this.
One of the easiest things to do is to request a professional appraisal of the house. You can also use comparative market analysis to help determine the market value of your home. To conduct a comparative analysis, the appraised value of your home is compared to the prices of recently sold homes of similar size in your area.
Seeking a broker price opinion is another viable option
A broker price opinion refers to an estimated home value that is provided by a real estate broker, licensed real estate sales agent or a licensed home appraiser. This is more of an overall or general estimate than a comparative market analysis, which focuses on specific features, square footage and other factors in comparison with similar homes that have moved through the market in recent months.
Do not let a money-hungry ex take advantage of you, financially
If you and your ex are not on good terms, you might encounter challenges during property division proceedings. Making sure that you have an accurate valuation of your home before heading to court helps prevent problems. In fact, it is wise to prepare a list of all assets and liabilities, and to review state divorce guidelines, so that you have a realistic idea about what you might be entitled to in a settlement.
It is helpful to speak with someone who is well-versed in property division laws if you are concerned about a particular issue.