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Getting an appraisal is a smart step in your Connecticut divorce

Ensuring a fair outcome in divorce isn't a straightforward process. There are many unique considerations that you need to reflect upon to protect yourself. From determining what assets are separate property to creating a comprehensive list of all the assets you've acquired during marriage, there are many steps you can take to improve how fair the asset division process is.

Putting a price on certain assets can be difficult, while others are more clear cut. For example, your retirement account has a fixed financial value. Other assets, including items whose values fluctuate over time, may be harder to put a price on. You probably think you know the value of your home. You pay taxes on it and probably even have a mortgage. However, the amount of your mortgage may not represent what your home is currently worth.

The longer you have lived in your home and the closer you are to paying off the mortgage, the more likely it is that there is a significant discrepancy between the paperwork price of your home and its fair market value.

Working with a professional can help you find a fair value

Real estate professionals including Realtors and appraisers have training that allows them to put a reasonable price on a property. They will look at multiple factors, including the condition of all the major systems in your home, from the floors to the furnace. They will also look at its location, any unique benefits or drawbacks to the property, and local sale prices.

Doing a comparative analysis of what similar homes in the area sell for is of utmost importance because that information reflects the current market value of your home. If you purchased your home when you first got married or perhaps chose to upgrade during last decade's financial downturn because real estate prices were low, there could be a massive gap between the price of your home on paper and what it would command if you listed it for sale.

Knowing what the home is worth if you sell it is critical because that is the amount that your home represents in the current market.

Even if you don't want to keep the home, you should know what it is worth

Maybe you have already decided that you don't want to retain the family home because there are too many memories there or because you simply can't afford it without your spouse's income. Knowing the actual value of the home is most important for those who don't want to retain the house, as they will likely receive a portion of the equity or assets worth a comparable amount instead.

If you go by the original sale price of your home, you could be missing out on tens of thousands of dollars worth of equity that should be part of your share of the marital estate in your Connecticut divorce.

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  • Hi Yuliana and Attorney Prince, Thank you so much for taking time out of your busy day to meet with me. I really appreciated how compassionate you were while listening to my situation, even through my tears. Thank you so much for sharing such valuable information with me. I left feeling very hopeful that when the dust settles, I’ll be ok.
  • Wendy helped guide us through a very difficult and emotional process and was really able to provide an even and fair account for both parties. It's quite evident in her expertise in this area but the way she was able to make you feel safe and secure in a very insecure time goes far beyond her legal prowess. If the two parties are really willing to cooperate and collaborate, she's there to help gain the best possible solution for all involved, especially if there are children.
  • Regardless of how committed one is to the fact that divorce may be imminent and necessary, it is truly one of the most emotional and stressful situations one can experience. It can also be daunting. Wendy has a remarkable ability to cut through the noise and help you focus on the big picture while drilling down on what is most pertinent to your particular situation., they are a formidable team who work collectively with your best interests in mind.
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