How do you Value a House in a Divorce
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Getting a divorce is never easy, it is a stressful time, and there is so much to take into account for both parties involved when a marriage breaks down.
If the marital property needs to sell as part of the divorce settlement, it isn't always easy to agree on how to divide the property in a way that is fair and just for both of you.
discuss a fair agreement
In an ideal world, you and your partner would be able to discuss a fair agreement, and that would be it, all finalised.
However, this isn't always the case; there are different options to consider. You could decide that one of you will buy the other out of the property and transfer the home to your partners' name.
Selling a Shared Home
Another option is to sell the property, and both of you move out, in this case, you could use the money you have raised, and both of you could put that towards the purchase of a new property. This option depends on any equity you have in the property.
If you have children under the age of 18, you might decide that one of you will live in the home until the children leave school or turn 18 years of age, this option wouldn't change who owns it.
As parents, it's essential to keep the needs of your children uppermost in your minds at all times during a divorce. Children need to have continuity, and their wellbeing is paramount, it might be far more beneficial for the children to stay at the property with one of the parents.
Transferring a Property
You could decide to transfer part of the value of the property from one partner to the other as part of the financial settlement.
The partner who gave up a share of their ownership rights would keep a stake or 'interest' in the home, what this means is that, when the house is eventually sold, they will receive a percentage of its value.
The person moving out must know they are still liable for the debt on the family home, and they may struggle to get a mortgage on another property. Both parties must agree before the sale of the property and understand their legal rights and obligations in full.
Do I Need A Property Expert Witness
For matrimonial proceedings, an expert witness can be beneficial, from valuations to disputes between the divorcees. Expert witnesses can assist a judge with details from both parties, including handling evidence, and follow the rules and regulations to reach an unbiased decision.
In some cases, disputes are due to factors such as hiding assets from the other spouse, unprofessional valuers giving the property or business a lower value than it should be or the probate and inheritance processes. Expert Witnesses can help with all of these problems and also give you advice on how to handle them.
If you decide that you want to sell your home or buy your partners share of the property, you will need to have a valuation of the property.
Usually, the lawyers will want three independent valuations from local estate agents who know the area and the market. There are various options you can take, but each one will determine your financial situation, and what happens to all your assets. But, before you decide which route to take, you need to have a property valuation, so you know how much your property is worth.
Are you looking for expert advice concerning house or property valuation for divorce? Our Practice based in the south-east of England, in Kent, and we offer our services to our surrounding local areas such as Maidstone, Dover and Aylesford.
Our professional service offers expert advice using our extensive range of experience and knowledge. All our chartered surveyors are RICS regulated and provide high standards of service to ensure we meet all our client's requirements.
If you require any advice or information regarding the value of your property, please contact our team today on 01732 355 639, our experienced, independent and dedicated team will be happy to listen and give you all the help and support you need.
Find out more about our property valuations after a divorce.