When going through a divorce the process can be very hurtful for all parties involved, and neither party should be subject to additional pain or stress due to an inexperienced divorce appraisal in Utah. When a divorce involves real estate, things can get more complicated because typically the house is still under a loan with a bank and one party could have paid more in mortgage payments. However, there are typically two options homeowners can take when it comes to settlements and divorce appraisals in Utah:
1) The home can be sold so the proceeds can be divided among the parties.
In this first scenario both parties benefit from the highest valuation possible. This can even be done while going through your divorce proceedings so that you can use any obtained to help with lawyers fees.
2) One party can purchase the other partner’s equity.
In this 2nd scenario, one party will keep the home and the other party will receive proceeds from their portion of the marital asset. The party keeping the home benefits from a lower valuation and the party being bought-out benefits from a higher valuation.
Regardless of the option, it is in the best interest of both parties to obtain a professional divorce appraisal in Utah of the property being divided.
Why Is It Important For Me To Get A Divorce Appraisal In Utah Before Selling My Home?
Getting an accurate valuation of your home is the first important step in dividing your assets during a divorce as it’s probably the largest one. This includes all real estate holdings, not just your home. In Utah, a divorce appraisal performed by a licensed appraiser is how you will most likely make sure that your home is split fairly between both parties, so that neither of you have such a big financial responsibility tying you together and both parties can move on with their lives.
How Do I Find A Licensed Divorce Appraiser In Utah?
Most of the time your lawyer will recommend a professional appraiser in Utah. Divorce attorneys deal with this all the time and usually have preferred appraisal companies that specialize in divorce appraisals that will give an honest valuation, unbiased by either party.
In some instances lawyers will let you decide. Most of the time this isn’t recommended because it can be one more thing that you don’t agree on. If this does happen, then you will be forced to hire a third party appraisal company.
Lastly, if your divorve is amicable, then you can ask family members or a trusted friend who have experienced a divorve to provide a referral.
In rare instances, the judge can order the divorce appraiser in Utah to testify in the court proceedings. That’s why a neutral third party appraiser is essential, and is approved by both parties.
In Utah, How Does A Divorce Appraiser Determine The Value Of Our Property?
As stated above, there are appraisers in Utah who specialize in divorce appraisals. No judge or court can provide a valuation of your home.It is important to talk to a licensed professional who is experienced in divorce appraisals. ExcelAppraise provides unbiased, honest asset division. This includes a 100% defensible report that can be presented in any court proceeding.
To determine the value of your property, your appraiser will look at both the fair market value of the home as well as the net proceeds that will be split between both parties.
For the listing price of the home. Your divorce appraiser in Utah will determine what your house could reasonably sell for. This takes all factors into account.
The net proceeds is the amount that both parties will split once the home is sold. Your divorce appraiser will subtract what both of you owe on the home and then the remaining balance will be split evenly unless one party decides to give the home to the other party.
Who Pays For The Appraisal In A Divorce In Utah?
In most divorce proceedings the couple will split the appraisal 50/50 in Utah. This is always true unless one party is buying out the other party. Then the buyer will pay for the appraisal.
Do I have to sell my house in a divorce?
Utah is an equitable distribution state, which means a judge will divide your property fairly—this doesn’t necessarily mean 50/50. If you purchased your home before you got married, the judge cannot order you to sell your private property. This is true if your home was a gift or an inheritance as well.
If your home was purchased after you were married then typically the home will be split evenly. There are a few caveats to that though. If one of the parties chooses to buy out the other party, then they do not have to sell the home. Also, if one of the parties is awarded full custody of any children they usually get to stay in the home as well.
In most instances you will have to sell your home though, which is why it’s important to get a professional, licensed divorce appraisal in Utah.
Picking The Right Divorce Appraiser In Utah?
At ExcelAppraise, our mission is to provide a fair, unbiased opinion of value. No matter which route is taken to divide assets, our appraisal processes are consistent and do not change based on which party is seeking the services of our divorce appraisers in Utah. In a difficult and trying time, you can rest assured that the appraisal of your home will be handled confidentially and with the highest level of integrity.
Our professionals have vast experience in appraising homes for divorce. Please contact us anytime so we can help you navigate this important step quickly and as economically possible.