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Setting a home’s value during divorce can be a challenge

On Behalf of | Dec 6, 2023 | Divorce

For high-asset couples in Maryland, there are multiple challenges during property division proceedings. First, they need to identify their marital resources. Then, they need to estimate their value. Finally, they need to negotiate a reasonable way to divide those assets.

Otherwise, a judge will make those decisions for the family. While there may be plenty of other valuable resources in the marital estate, the marital home may have the biggest overall value of any one asset and also the most controversy about what it is worth. How do couples set a reasonable value for their home when preparing for a Maryland divorce?

They bring in professional help

There are no existing figures that will accurately reflect the fair market value for the average marital home. The longer the couple has remained at the home, the greater the likely discrepancy between what they paid and what it is currently worth. The difference could amount to tens of thousands of dollars or more in some cases.

A real estate professional’s evaluation is necessary to set an appropriate value on the home. Sometimes, spouses divorcing amicably can call in a real estate agent that they have worked with before. Other times, spouses may want to work with a new agent or an appraiser.

In high-conflict divorces, spouses might even seek two separate appraisals and then negotiate a value based on what each appraiser determines. Couples focus so much on setting a value for the home because it can influence almost every other aspect of property division given its high price point.

Setting an appropriate price on marital assets can help people obtain an appropriate property division settlement.

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