Expert Divorce Appraisals
It’s common for married couples to buy property together or for newlyweds to add each other’s names to property titles. In the event of a divorce, this makes it much more likely that disagreements will occur when it comes to dividing assets and creating an amicable separation. Having an accurate divorce or matrimonial appraisal done in a prenuptial agreement, postnuptial agreement, or divorce settlement can simplify the process of dissolving the assets held in your marriage, at least in terms of home and property values.
Considerations of property ownership
As it pertains to a marriage, property value is an important consideration that you may not have thought about previously. If you own a home or multiple properties with another person, what is the best way to divide that property if you decide you no longer want to be involved with them?
Not many people draft prenuptial or postnuptial agreements, but an appraisal before marriage can save you a lot of trouble. By having your property appraised as part of an agreement concerning how to divide the property in the potential case of divorce can simplify the division of assets, assuming that you and your spouse agree that the value of the property hasn’t changed since the initial agreement was signed. The most common action involved property ownership during a separation is called a buyout.
How a Divorce Appraisal Helps in a Buyout
In a divorce, property co-owned by both partners is usually dealt with in one of three ways—a sale, continued co-ownership, or a buyout by one of the partners.
A certified appraisal could be useful in all three types of proceedings but especially useful in the case of a buyout. Generally, buyouts occur as follows:
- Spouses agree on the fair value of the property or properties in question
- The spouse that will be the full owner of the property pays out half of the agreed upon value to the spouse being bought out, either with a one-time payment or on a legally agreed upon payment plan
- If there are mortgage payments still being made, arrangements can also be made to separate the spouse being bought out from their mortgage obligations
The problem here is that without a certified appraisal, it’s rare for two spouses to agree completely on the value of the property. That’s where we come in. In the midst of a sensitive divorce process, you don’t want to deal with drawn-out litigation over disagreements about the market value of a matrimonial home for example. With a detailed appraisal report, Appraisal Hub Inc. in Toronto and across the Greater Toronto Area can give you a value to agree upon that satisfies both of your needs for accuracy and discretion and remains valid for use in potential legal paperwork.