Why Should You Get Your House Appraised?
When filing for divorce, aside from parting ways with their spouse, a person may not immediately think of the financial repercussions that come along with going through with a divorce. In New Jersey, you need to be aware of not only how your marital property is going to be divided, but what the most effective way to do so is. At Lyons & Associates, P.C.,we specialize in matrimonial law and can help you manage the division of your assets.
One of the most common and valuable assets jointly owned by married couples is, of course, the marital home. Whether you are lucky enough to be one of the select homeowners to own your home outright or if your home is encumbered with a mortgage, it is of the utmost importance to determine an accurate value of how much your home is worth. This amount will determine how much equity is in your home, and subsequently how much you are entitled to via equitable distribution of that property.
There are many different ways to determine the current value of your home. None is more accurate than getting an appraisal from a certified professional. An appraisal is the estimation of a home’s market value by a licensed appraiser based on comparable recent sales of homes in the neighborhood. This is not to be confused with an assessment, which is conducted by a government employee who evaluates the value of the home to determine how much property tax the homeowner will pay.
Typically, property is determined at its “fair market value”, or what you would get for it if you sold it today. You want to make sure this number is as accurate as possible. In some if not all cases, that will require the use of a professional real estate appraiser, or else you run the risk of either under or over valuating your property, which could have a negative impact on the amount of money you will eventually receive via Equitable Distribution of your home. If you have any questions about home valuations or any other aspect of your divorce call one of our skilled attorneys at Lyons & Associates, P.C. today at 908-575-9777. You can also fill out our online intake form HERE.
Written by: William Lemega, Esq.