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If your ex already hired an appraiser, should you hire one too?

On Behalf of | Jan 10, 2022 | Divorce |

The longer you have lived at your home with your spouse, the more the value of the property has likely increased during your marriage. The assessed value on your tax statement or the amount that you paid when you took out your mortgage likely doesn’t reflect what your property is worth anymore.

An appraisal can be a crucial step for spouses who need to split real estate in their divorce. If your spouse has already hired an appraiser to look at your home, do you need to hire one of your own as well?

Determine what you think is a fair market value

Through the use of online calculators and real estate websites, you may be able to create a rough estimate of the value of your home on the current market. Obviously, trained professionals will look more closely at recent sales and the property to return the most accurate figure possible.

However, you may be able to reach a ballpark estimate that can help you as your divorce moves forward. If your spouse has hired an appraiser, you may want to wait and see what that professional says about your home. If the price that they arrived at is relatively close to the price you believe your property could command, then you may not need to hire your own appraiser.

On the other hand, if they cite a value that is substantially higher or much lower than you expected, you may need to bring in your own appraiser.

The value of the house can significantly affect property division

Your house is likely one of your most valuable assets if not the single most valuable possession you share with your spouse. Putting a fair and reasonable price on the home is important to ensure that everyone receives what they should in the divorce.

If your spouse will keep the house and you will receive your share of equity, a very low appraisal might be a reason to bring in your own professional. If you want to keep the house and need to pay your ex equity, an appraisal that is $60,000 higher than your estimate could drastically affect your finances.

Often, spouses will need to split the difference between appraisals in this kind of situation, however, the second appraisal can minimize how much you stand to lose when splitting real estate in a Texas divorce.