While many divorcing couples in DeKalb County will sell the marital home, split the proceeds and go on their respective ways, not everyone in Georgia wants to move following a divorce. Especially with low housing prices, expensive homes might not sell for as much as they are worth, so someone may wish to retain the home in the high-asset divorce. What is especially important, however, is to know exactly how much the home is worth.
Why is it so important to know how much a home is worth? Well, if a couple is operating on the incorrect value, one person could end up giving up more of the rest of the marital property than he or she needs to in order to compensate for taking the home. Say, for example, that a wife wanted to keep a $1 million home, but both the husband and wife thought the home was worth $1.2 million. In order to make the divorce equitable, the woman would need to give her former husband assets that total approximately half the value of the home. If they believe the home to cost $1.2 million, the wife will end up paying $100,000 more than she needs to.
One of the best ways to determine how much a home is worth is to get a home appraisal. Using a licensed and impartial appraiser is important, otherwise the court and the other side may question whether the appraisal is accurate. The best option is obviously for both spouses to agree on the appraiser. If two appraisals are done, it will be important to work with a divorce attorney who can help argue why one appraisal is inaccurate.
Divorce is more than just living separately and moving on with life; many divorces, especially between spouses with considerable assets, have complex property division that must be completed before the divorce can be finalized. An experienced divorce attorney can help navigate not only the property division aspects of a settlement, but also advise a client on how best to get what he or she wants.
Source: The Huffington Post, “Three Ways To Value Your Home In A Divorce,” Joseph E. Cordell, March 1, 2013
You can learn more about high-asset divorces in Georgia by visiting our website.