Obviously, issues of child custody and child care in a Vancouver, WA divorce are emotionally charged issues. Another emotional issue is what to do with the marital home.
Very often, real estate is a couple’s most significant asset. Deciding how to distribute this property can be complicated. This is especially true if you still have a mortgage. Until the property is either sold or refinanced, your lender is going to consider both you and your spouse obligated to pay off the rest.
Many assets can be quickly sold, a home is more complicated. If one person is going to stay in the home, a divorce decree should state that the person who is going to live in the home must refinance the property. This refinance should remove the other spouse from the mortgage.
You need first to determine the property’s value. There are three common methods for coming up with an accurate appraisal.
- Realtor– In reality, a realtor is not allowed to testify in a divorce trial about the value of a property. This does not mean that you shouldn’t get a realtor’s estimate for what your property is worth. An agent knows the strengths and weaknesses of the market and he or she will understand the potential for selling. Getting an idea from a reliable realtor is a cost effective way to get a value.
- Appraiser– Appraisers normally charge a little more to evaluate your property and give an approximate value.
- Tax Assessment– The tax assessment value is not often used in a divorce court. This is the price that a property should sell for if market conditions are “normal”.
At Lambert Law we can help you come up with a fair value and help you determine what should be done with real estate.
If no one plans to stay in the property, selling is properly the best choice. If you owe more than the fair market value, you will need to divide the debt. Sometimes this means trying to refinance the property, getting a loan modification, doing a short sale, foreclosure or filing for bankruptcy. If there is negative equity in your property, an attorney can help you decide your options and what the best decision is for you financially.
Call Lambert Law today. 360-737-1473.
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