Is a Home Appraisal Necessary During My Illinois Divorce?

 Posted on June 29, 2020 in Illinois Divorce

Divorce can require you to do a number of things that you likely never expected when walking down the aisle. If you have children, your primary concerns are probably focused on creating a healthy and fair parenting plan. For those who have a family business, you may be concerned about how this will be divided between you and your spouse. Some of the divorce determinations may be unique based on your family’s circumstances, but one area that every divorce requires to be addressed is the division of marital property. Whether you have been married five months or five years, anything accumulated during that time is considered marital property and must be divided equitably according to Illinois state law. Many couples’ largest asset is the home that they have built together and it can be the most difficult belonging to “divide.” Since an apartment or house cannot physically be cut in half, there are other means that can be taken to determine what is fair.

What Is an Appraisal?

In order to properly determine the current value of your home, one should seek out a professional who specializes in such work. The price at which you bought your home is unlikely to be its current value and looking at the cost of homes in your neighborhood is not enough for a true estimate. An appraisal provides homeowners with the value of their home based on prices in the area and the features of your house. An appraiser will come into your home to complete an inspection of the property. They will look at all of the work you have put into your home and all of the features that elevate its value. The professional will then factor in recent sale prices of homes in your area and use both numbers to provide you with the true market value of your home

Why Is This Relevant to My Divorce?

There are a number of reasons why an appraisal should be done before dividing your assets. In many cases, one spouse will keep the marital home while the other vacates and finds another place to live. For those who decide to move forward in this way, the spouse remaining in the home will be granted the marital home in the property division process while the other spouse may be given other marital property that amounts to the value of your home. If the value of your home far exceeds any other assets that you have, the spouse remaining in the marital home may buy out the other spouse’s half of the home. Whether you are the staying or leaving party, knowing the value of your home can ensure that you are receiving your fair share.

For spouses who wish to sell the marital home and use the money to move elsewhere, the appraisal will help them determine how much they should ask for their house so that they are receiving their deserved amount from the sale. If you are not fully informed on how much your house is currently worth, you may end up underselling it and receiving less than you could have from the sale. On the flip side, if you are overestimating how much your home is worth, the sale could take much longer than expected, making it difficult for you to afford a new place or finalize the asset division process.

Call a St. Charles Asset Division Attorney

It is important to find an experienced divorce lawyer to represent your best interests throughout the divorce proceedings. Although they may not be able to provide you with the exact value of your home, they can likely guide you toward a reputable appraiser who can help your case. Well-seasoned attorneys are also familiar with the various options available to you while dividing your marital assets. At Weiler & Associates, Inc., we understand how overwhelming the divorce process can be and we are here to guide you through the hundreds of decisions that you will need to make in the coming months. If you are considering divorce or have questions about the asset division process, contact our proficient Kane County divorce lawyers today at 630-331-9110 to discuss your options.

Sources:

https://www.quickenloans.com/learn/home-appraisal

https://www.homelight.com/blog/divorce-home-appraisal/ 

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59