Perhaps one of the most emotional and difficult aspects of a divorce is dividing real estate acquired during the marriage. That's because a home is often more than just a property because of the many memories that have been created there. Florida couples often must decide whether one person should remain in the residence or if the property should be sold and the profits divided.
Many homeowners have added unique and distinctive features to their properties. In some cases, these features can add considerable value to a home. Features such as a large garage, barn or water dock can be attractive features to future home buyers. However, an expensive addition such as a swimming pool may not add a great deal of value to a home.
In order to evaluate the property and determine a fair market value price, it is important to work with an experienced real estate appraiser. A professional real estate appraiser will be able to look at the property from an unbiased perspective and determine the appropriate value. Along with evaluating the extra value from additions and features of the property, another step in the appraiser's process is to pull all the comparable properties that have sold in similar markets.
Dividing real estate is a contentious and complex process with many steps and considerations. Adding a professional real estate appraiser to the legal team is often an essential step for those who want to keep the process unbiased. In addition to an appraiser, Florida residents would be wise to work with a skilled family law attorney to ensure that their best interests are protected.
Source Forbes, "Seven Key Points Divorcing Women Need To Know About Real Estate And Real Estate Appraisals," Jeff Landers, Jan. 22, 2013
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