Q: My wife and I had our house appraised last summer when we were first talked about splitting up. We will be officially divorced this spring and understand an appraisal is critical in buying one spouse out. Do we use the appraisal figures from last summer or do we have the house appraised again? I ask because the market has gone down since then. -- P. Faulk
site. Here's are a few quotes from his response:
" . . . you will certainly need to have your house reappraised to reflect recent changes in the market, particularly since the valuation should reflect the home's worth at the time of the divorce."
" . . to avoid potential conflicts of interest and additional acrimony, divorcing spouses should each get independent appraisals."
"If you decide to get just one appraisal done, make sure the choice of appraiser is made by mutual consent and that both of you are present, if possible, when it is being done."
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