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Do you need an appraisal before your Pennsylvania divorce?

On Behalf of | May 17, 2022 | Divorce |

If you have kept an eye on the real estate market around Harrisburg in recent years, you know that prices are substantially higher than they were half a decade ago. However, you may not realize the impact that this price appreciation will have on your family in a divorce.

Many people think of their home as having a set value, and that value is the amount that they paid when they purchased the property. However, the true value of your home is what you could potentially receive if you sold it.

Given that the current fair market value of your home is probably significantly higher than what you paid when you first purchased it, it may be quite beneficial for you to pay for an appraisal in the early stages of your divorce.

How an appraisal helps

Appraisers have training in establishing fair market value and experience in reviewing the condition of a property and the sale price of comparable properties in the nearby area. An appraiser’s report can be convincing enough for a mortgage company to finance a purchase to the tune of hundreds of thousands of dollars, and it could influence what the courts view as appropriate when dividing your home equity in a Pennsylvania divorce.

When you get an appraisal before going to court or negotiating a property division settlement with your spouse, you will better understand what price you could get for the home if you were to list it on the market. Even if you or your spouse intend to keep the home, an appraisal is important for giving the other their fair or equitable share of the established equity in the property.

You need your fair share of your biggest asset

While you may want to keep things civil in a divorce, there is nothing inappropriate about expecting a reasonable portion of your shared marital assets. You cannot ask for your fair share of your home equity when you have an outdated idea about what your home is actually worth.

Recognizing different changes that could influence your property division outcome in a Pennsylvania divorce will help you better protect your financial future during a tumultuous time in your life.