Should I Get My Home Appraised During My Illinois Divorce?

 Posted on September 29, 2020 in Divorce

When you have come to the decision that you and your spouse are going to get a divorce, you will likely experience a flood of different emotions, ranging from relief, sadness, depression, anger, and rage. While it may seem strange to experience such complex emotions, divorce is a complicated event that encompasses every area of your life. Once you reach the property division stage of your divorce, you and your spouse will be required to divide your marital property in an equitable manner, according to Illinois law. Your marital property includes anything that either you or your spouse took possession of during your marriage, including items like vehicles, the family home, and other real estate. Determining what to do with these assets -- especially the family home -- typically begins with an appraisal.

What Are the Benefits of a Home Appraisal?

For many couples, the family home is the biggest investment and the most expensive asset they own. Handling these assets carefully is crucial for you to get your fair share of the marital estate. Getting your home appraised before you proceed with the asset distribution process can provide you with an estimate as to how much your home is actually worth. In many cases, especially when there are children involved, there are emotional attachments to the home. This sometimes leads to one spouse wanting to keep the home. In this case, an appraisal can still be useful as you will have an accurate market value of the home so you know how much money you need to “buy out” your spouse’s portion of the home.

How Do Home Appraisals Work?

When you have your house appraised, the appraiser will come to your home to observe your property and the condition that it is in. They will look at basic details of your home, such as the location it is in, the neighborhood surrounding it, and the utilities available to the home. These affect the value of your home a little bit, but the majority of the price of your home is affected by other factors.

Next, the appraiser will look at aspects of your home such as the lot size, square footage, number of bedrooms and bathrooms, and the overall condition of your home. They will also likely take measurements and photos of your home during their observation process. Because of this, you will want to make sure that your home is in the best condition possible before you get it appraised.

Hire a Wheaton Property Division Attorney Today

For most people, your family home is the single most expensive asset that you own and must divide. If you are getting a divorce and you have a marital home or other real estate that you need to divide, you should speak with a knowledgeable DuPage County divorce lawyer. At the Goostree Law Group, we can help you determine how you want to handle your family whether or not you need a home appraisal. To discuss your case and schedule a free consultation, call our office today at 630-364-4046.

Sources:

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

https://www.nerdwallet.com/article/mortgages/how-to-split-home-value-in-divorce

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

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=5200000&SeqEnd=6000000