For a great many Michiganians, getting married, buying a home, and having kids is a major part of the American dream. But what do you do when it all falls apart on you? When that dream becomes a nightmare? Should you lose everything because one thing doesn’t survive the test of time? Or is there a way to ensure that just because you’re getting divorced, doesn’t mean you should lose your home as well?
What should you do with your house after the divorce?
Purchasing a house is one of the largest life investments you’re going to make. So if your marriage comes to an end, you’ll be faced with the decision of what to do with your home. Should you sell it and split the profits? Should one spouse simply move out and give the house to the other spouse? Or should the spouse who’s giving up their investment be financially compensated by the spouse who gets to stay?
First you need to figure out how much your home is worth.
These are all questions you’ll have to think about if you own a house at the time of your divorce. However, before you can begin the decision-making process, you’ll need to figure out what your home is worth. Only then can you figure out who owes what to whom, and how much!
Assessing the true value of your home can be difficult. After all, you have many memories and sentiments attached to the house. It’s where you lived with your loved ones. It’s where your children grew up. So naturally, it means more to you than it would to a complete stranger. However, you need to remember that a stranger doesn’t have the same sentimental attachment as you do. So you can’t expect them to consider the emotional value of your home.
Who should you talk to about having your home assessed?
There are several options available to you for figuring out what your home is worth.
- You could have a real estate agent “run comps” for you, which means that they would compare your home to other, similar homes in your neighborhoods. Using the sale prices of those other houses, they would come up with an estimated value of what your home would sell for in the current market.
- You could get what is called a Broker’s Price Opinion. This involves hiring a local real estate broker to give you a basic assessment of your home. These usually cost anywhere from $75 to $150.
- You could hire a property assessor. This will get you the most detailed and accurate estimate of your home value. If you’re considering selling your home, a formal property assessment is a good idea anyway. However, at an average of $500 or more, this is your costliest option.
Join us next time, as we discuss what your next step is. Until then, if you or a loved one are considering divorce but want to discuss your choices or find out more about things like spousal support or child custody, call The Kronzek Firm at 866 766 5245. Our experienced family law attorneys can walk you through every aspect of the divorce.