Real estate is generally the largest asset of a married couple. The average American family has more than 50% of their net worth in real estate. For years, a married couple will spill their money and labor into a home. The division of the equity of the home will be an important aspect of any divorce settlement. However, how should the parties determine the value of their house? The following is list of valuation sources:
- An estimate provided by Zillow or another internet listing site,
- An estimate provided by a real estate agent,
- A bank appraisal in connection with a loan or refinancing,
- Property tax appraisal, and
- An appraisal performed by an independent real estate appraiser.
In a divorce, the parties typically retain an independent real estate appraiser to provide a fair market value of the property. The fee for an appraisal will typically cost between $350 and $600 depending on the size of the home.
We welcome you to call Randal A. Lowry & Associates at (330) 929-0507 to consult with us regarding your Ohio divorce. Our Akron-area divorce attorneys serve clients throughout Summit, Medina, Portage, Stark and Cuyahoga counties.