Getting a divorce is a traumatic and confusing time. You should be aware of the impact divorce can have on your finances. For most married couples their home is the largest asset they own. When discussing property division, a home appraisal is a great way of protecting yourself.
What is a Home Appraisal?
Anytime you are considering selling your house you should consider a home appraisal. When the question of divorce arises, a property division home appraisal in Madison, Indiana will help negotiations. You and your spouse should agree on an independent home appraiser to value your home. A home appraisal will:
- Examine the condition of your home
- Assess external factors, including the local market
- Give you a real value for your home
Why You Need a Home Appraisal?
When preparing to start the path to divorce, you may not have considered all the consequences. The tax and financial problems can quickly add up to a large bill. By working with your attorney to find a home appraisal expert, you will be in a position to determine your home’s value. The property division of your home will be the largest asset to be divided and needs expert assistance.
Property Division and Taxes
Your home appraisal expert will give you real value for your home after completing their work. The value after property division will not be all the money you receive. After paying capital gains tax, you will usually be left with a smaller amount of money than you expected. Divorce improves the chances of a tax audit, with a home appraisal helping limit its impact.
A home appraisal is a great way to protect yourself from tax audits and helps prepare you for life after your divorce.