Even if you and your spouse agree on who should remain in the marital home after your divorce in Pasadena, you still need to determine the value of the property as part of the settlement process. There are a few different ways to do this, each with their own unique advantages and disadvantages.
The first way to value your home in a divorce is to get an appraisal from a licensed appraiser. Appraisals can cost several hundred dollars, but can save you money in the long run if you're undervaluing the property. A certified real estate appraiser is also likely to provide the most accurate assessment of the property's value. This is the reason why banks are required to enlist the services of certified real estate appraisers before offering you a mortgage to purchase your home.
If you're primarily interested in a quick and cost effective way of valuing your home, you can use a comparative market analysis. This is a method that involves looking at the value of other similar properties in your area that have recently been sold. It is most accurate if your home is of a similar size and condition to others in the neighborhood. A local realtor can complete a comparative market analysis for little or no cost.
Sometimes, people will attempt to find the value of their property by conducting their own research using websites such as Zillow.com to investigate what similar homes have been selling for. This method of obtaining the value of the marital home is the least accurate and generally not recommended.
When deciding how to determine the value of the marital home, you need to keep in mind that both you and your spouse must agree on the valuation method that is used.
How Can We Help?
Please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com if you are in need of legal representation during your divorce. Our Pasadena family law firm can assist with issues relating to the division of marital property, as well as concerns about child support, child custody, visitation, and spousal support.