Do I Need a Home Appraisal During My Illinois Divorce?

 Posted on May 29, 2020 in Division of Property

If you and your spouse own a home or other real estate, and you are planning to get a divorce, you must determine a way to divide the value of the home. In Illinois, marital property is subject to division in an equitable manner if you get a divorce. This does not necessarily mean that the value of all property is split in half and given to each spouse. Instead, the marital estate will be distributed equitably between the spouses based on a variety of factors. This means that one spouse could end up getting a larger portion of the marital estate. With that in mind, it is extremely important that you know the true value of your home before you begin the asset division process. Having your home appraised is a simple way to do this.

Benefits of a Home Appraisal

Home appraisers are often used when people want to sell their homes. An appraisal is considered an official “market value” of what a home is worth, and it can then be used to price a home to sell. Even if you do not plan on selling your home, getting an appraisal is an important step in knowing what your home is truly worth. Once you have it appraised, the appraiser will provide you with official documentation of your house’s value. This document can be used as proof of your home’s value in court or in negotiations involving the division of property.

Preparing for the Appraisal

Most home appraisals consist of the same process: the appraiser will make an appointment to come to your home and observe the property. They will look at things such as your home’s square footage, the size of the lot, the number of bedrooms and bathrooms, and the overall condition of the home. Other details will factor into your home’s value, such as the neighborhood demographics and available utilities. Some of these factors are outside of your control, but most elements are not.

Before your appraisal, you should make sure your home is in the best condition possible. This does not mean you need to spend thousands of dollars on remodeling. You should focus on improving what is currently present at your home. For example, if you have carpeting in your home that is dirty, you might consider having it professionally cleaned rather than replacing it. Touching up any chipped or faded paint can make a big difference in the appearance of your house as well.

Contact a Kendall County Divorce Attorney

Even if you do not think you have a complicated financial situation, the asset division process tends to be difficult for many people. If you and your spouse currently co-own a home, and you are trying to figure out how to split its value, you should speak with a qualified Yorkville divorce lawyer about your situation. At the Law Office of Matthew M. Williams, P.C., we have helped hundreds of families through the asset division process during divorce cases. To discuss your specific situation, call us today at 630-409-8184 to schedule a consultation.

Sources:

https://www.homelight.com/blog/divorce-home-appraisal/

https://www.nerdwallet.com/blog/mortgages/how-to-split-home-value-in-divorce/

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=5200000&SeqEnd=6000000