Divorce Attorneys Serving Schaumburg, Palatine, and Barrington
Helping Clients with Property Valuation and Division
If you are in the process of obtaining a Divorce, it is likely inevitable that you are also dealing with issues affecting Property Division. Before a judge can decide how to equitably divide marital assets such as the family home, or you start to mediate any settlement, there must first be a real estate appraisal so that you can provide an accurate valuation to the court and/or provide a starting point for mediation.
When it comes to finding a good, licensed real estate appraiser, your experienced divorce attorney should guide you through the process and ensure that you work with someone who is knowledgable and can be trusted. For example, as Glasgow & Olsson, we have longstanding relationships with professional, local real estate appraisers who we have been working with throughout our many years of practicing family law in Schaumburg, Palatine, and Barrington. Contact us today to discuss the real estate appraisal process.
How it Works
Your attorney can also work with you to ensure that while you represent your property as best as you can, you do not invest significant funds such that you lose money on the property in question. Often, it works best if each spouse and his or her attorney hire a separate appraiser or agree on hiring one appraiser. Your attorney can also advise you as to how the appraiser is paid, which depends upon the circumstances involved.
Similar to the home appraisal you likely arranged for prior to purchasing your property, your appraiser will take into account any home improvements that were made, how the value of your home compares to others in the neighborhood, and those that have sold within the last six months, etc. The process starts by the appraiser making a property visit and asking you various questions about the history of the property and any concerns, improvements made, etc. The appraiser compares your house to those in the neighborhood that have recently sold in terms of the square footage, number of bedrooms and bathrooms, etc., and arrives at a market-based value for your home based on this analysis.
It is important to note that these real estate appraisers follow the Uniform Standards of Professional Appraisal Practice, as well as a Professional Code of Ethics. They cannot divulge any information to any party before the valuation is final.
Attorneys Assisting With Real Estate Appraisals
At Glasgow & Olsson of Schaumburg, Illinois, we strive to create an atmosphere of calm for our clients during stressful divorce proceedings. Drawing on a collective legal background spanning five decades, our attorneys are at the forefront of multiple areas of practice and therefore provide a comprehensive approach to complex divorce issues such as the division of marital assets and debts. Contact us today to find out how we can assist you.