Dividing Your Home in a Divorce: Do You Need an Appraisal?
2 min read
Going through a divorce is difficult and taxing. Not only are you feeling the emotional loss as you grieve the ending of what was once a strong relationship, but the logistical and legal hurdles may sometimes feel like more than you can bear. Even in the most amicable situations, splitting up real estate assets can create distrust and resentment.
You aren’t a failure, and you don’t have to go through the process alone. The number of marriages that end in divorce in the U.S. varies between 40% and 50%. Many people have gone through what you’re going through, and there are professionals who specialize in helping divorcing couples sort through the financial divisions equitably.
In this guide, we’ll help you answer questions about whether getting a home appraisal is the right step for you, how you can go about getting one, and how to prepare for it.
We’ve interviewed top real estate agent Edward Kaminsky, who has completed more than 1,400 transactions in Los Angeles County and has 37 years of experience, and Marco Brown from Brown Family Law: Utah Divorce Attorneys who specializes in helping divorcing couples navigate the process fairly.
DISCLAIMER: This article is meant for educational purposes only and is not intended to be construed as financial, tax, or legal advice. HomeLight always encourages you to reach out to an advisor regarding your own situation.
What happens to your home when you get a divorce?
Getting a divorce means taking the assets you’ve shared together and dividing them, so that you and your ex-spouse can go separate ways. When you own a home together, timely decisions need to be made.
For the most part, there are two options:
You both move out, sell the home, and divide the proceeds
One person stays and buys out the other for their share of the home’s equity
According to Brown, “Selling a house which was purchased during the marriage and splitting the equity 50/50 happens in 95% of cases. In 5% of cases, someone keeps the home and refinances it in their name.”
