Often, the home you own with your spouse is the biggest asset in a marriage. When you are going through a Virginia divorce, you will need to determine the value of the home in order to decide what to do with it. There are several ways to do a home value assessment.
The following 3 methods are most common, including:
- Using a real estate appraiser – an appraiser will do a home value assessment of a property using the value of the land and the replacement costs for any structures upon it; this is the most common way to get a home value assessment in a Virginia divorce.
- Working with a real estate agent – a real estate agent determines a home's value by looking at the current market conditions and similar properties in the neighborhood; this home value assessment may be considerably higher or lower than what you get from an appraiser because of market conditions and other considerations.
- Evaluating property taxes – another option is to refer to historical property tax information; this method is not a terribly reliable way to arrive at a realistic home value assessment because property taxes can be far above or below fair market value.
During your Virginia divorce, once you have determined your home value assessment, you can decide how to proceed. Work with your Newport News divorce attorney and tax advisor to figure out what is best for you and, if applicable, your children.
Consider factors like capital gains tax. If you sell your home, you and your ex-husband will be accountable for capital gains. If you choose to stay in your home, can you afford the mortgage payments on your own?
Property division in a Virginia divorce can be a difficult subject. It has many financial and emotional ramifications. If this is a home you have shared for years, you probably have very strong feelings about whether or not to sell. If you choose to sell your home, you certainly will want to get the most money possible for it. Arm yourself with a fair home value assessment and you will be able to make an informed decision with the help of your Newport News divorce attorney.
How a Newport News Divorce Attorney Can Help You
There are very specific rules governing divorce in Virginia. At Hofheimer Family Law Firm we are committed to providing you with the experience and compassion you deserve and the successful results you need to move on with your life. Request a complimentary copy of our guide, What Every Virginia Woman Should Know About Divorce, or reserve your seat at our monthly divorce seminar – 757-425-5200.