Are you going through a divorce in Florida? Deciding how to split assets can be a challenging element during this time. If you own a home, you or your spouse may want to retain it after completing the divorce. In this situation, calculating the house’s value for the buyout is essential. Doing so begins by figuring out the equity.
Determining the equity of your property
Determining the market value of your home is the first step to take when you’re getting divorced. After you’ve determined this value, you’ll need to subtract any mortgages you have. This action will provide you with the total equity, which should be split in half to determine how much each one of you owns.
Determining the initial value of your home by looking at comparable sales
Coming up with a current fair market value of your home during a divorce can be done by using an appraiser. If you feel it’s prudent to do so, you and your spouse should use separate appraisers. This action will help ensure that the fair market value is determined by basing it on comparable properties that have recently sold.
Hiring a home inspector to check for damage is important
After getting help from one or more experienced appraisers, hiring a home inspector should be completed to check for possible damage or other problems. This professional can determine if there are plumbing or HVAC issues that would negatively value your home. They can also discover termite damage that would require expensive repairs.
Going through the needed steps required to determine the fair market value of your home can present a reasonable price. You’ll use this price when you or your spouse is buying out the other person during a divorce.
