Dividing the family home in a divorce may quickly become a contentious issue. According to FindLaw, Texas is a community property state. The property that people accumulate during the marriage legally belongs to both of them. When the marriage ends, people have to divide this property in a way that is equitable, and each spouse may not receive half of the marital assets.
Before people decide what to do with their house, they may want to have the property appraised.
Why should people get an appraisal?
There are several reasons why an appraisal is a good idea. According to HomeLight, the appraisal determines the fair market value of the house. People need to know how much their house is worth as they make a decision. Sometimes, one spouse may want to purchase the other spouse’s half of the home. This person usually needs to buy out the other spouse using the current value of the house.
An appraisal is also useful if people decide to sell their house. The fair market value can help them establish a list price for the house that they both agree on.
What happens during the appraisal?
The appraiser usually walks through the house and notes the details of the property, such as the location, lot size and square footage. This professional also considers the number of rooms and the special features of the house, such as hardwood floors and fireplaces. These factors help the appraiser determine how much the property is currently worth.
Sometimes, it may be difficult for people to agree on an appraiser. In this situation, each spouse may hire one. A local family court may then compare both appraisals and determine which one most accurately reflects the current value of the house.