During divorce, property must be divided – either by the divorcing couple or by the court. The value of property is often the subject of extensive litigation both during and after judgment, as both parties work to gain the best division plan for them. A property appraisal can help to give the parties and the court a fair and accurate assessment of the value of property. That’s why a property appraisal can be attractive to divorcing couples and is often used during divorce proceedings.
What Property Is Subject To Appraisal?
Both real (i.e. property) and personal (i.e. car, jewelry, and art) property can be appraised. But appraisals are most useful when determining the value of a large piece of property, like real estate. They can also be of great help when a piece of personal property, like a painting, has a high value but is hard to assess because of the unique nature of the piece.
What Happens During An Appraisal?
During a real estate appraisal, the appraiser will conduct a physical inspection of the property. This includes taking measurements, assessing the plumbing, looking through crawl spaces, and outdoor areas, including any additions to the property like a cellar or swimming pool.
After a physical inspection, the appraiser will also check the legal description and title. The appraiser will compare the property with others in the area to include in their analysis.
How An Attorney Can Help You
Though a property appraisal is not always necessary, it can be extremely useful for the court to consider. An attorney can help you not only litigate your case but also provide you with valuable appraisers to ensure your property is fairly and accurately represented to the court to ensure you are receiving a fair and accurate ruling in your divorce. The attorneys at Butler Law, PC can help you with property issues in your family law case – contact us today for your free 30-minute consultation.