The Importance Of Matrimonial Appraisals

By Claudine Hodges


Appraising is one of the most misinterpreted areas of valuation for a lawyer, appraiser and the court. Basically, lawyers will seek to get the best fair market value or the FMV of property. However, in matrimonial situations, the FMV property is being appraised depending on the nature of their assignments, the type of property and the market which the property will be sold.

In general, the term FMV or fair market value is widely used without identifying the assessment or market value. An attorney will leave the task to the appraiser to determine the methodology and market to be used, which lead to a certain valuation that is not necessary for the attorney. It is also complicated, but once you know the importance of the matrimonial appraisals New York, you may also understand the whole process.

During the process of separation or a divorce, the valuation of the marital dwelling is very important. This is especially if a spouse will continue to occupy the house after the separation. In this case, the other spouse should repay for surrendering the ownership of the house. There are also some assessment methods for real estate in the proceedings and various types of evidences are used to determine the value of the estate.

There are also some problems that must be addressed properly. Appraising a home should be conducted by a qualified appraiser. Actually, there are three methods to be considered and acceptable, like the sales comparison approach, cost approach and income approach. The sales comparison method is one of the common methods to assess a family owned dwelling.

In cost method, an appraiser may determine the cost pr the marital home. Basically, this is used to determine the real value of the recent or newly constructed home. On the other hand, the third approach is considered as an income method and widely used to identify the value of the farmland or vacation house owned by both couple that is expected to generate revenue in the near future.

Attorneys in New York, NY who are involved in the proceedings must choose carefully an experienced and credible appraiser. It is important to examine their strengths or weaknesses of the method used by the appraiser. Appraisers are actually an expert witness, so it is vital to choose the right methods at the same time choose the right appraiser who is professional enough to handle the task.

When it comes to a qualified appraiser, the lawyer will be the one to choose one. Actually, every method mention has its own weakness and strength. It is quite difficult to determine which procedures to use and a reasonable one. This method is also best to use with another method, such as the sales comparison approach.

The personal residence of the couple is considered as a single asset acquired by the couple during their marriage. Once they have decided to file a divorce, there will also be issues that may arise over their marital dwelling. This is true, especially if a spouse decide to occupy the house even after the divorce. So, as a result, both parties may also determine the amount of the house.

In case that the house is not sold, appraisals indicate fair market value on the date of separation. A certain appraisal using the sales comparison method is commonly used as an evidence of the FVM because they also rely on the information of the oriented market.




About the Author: