Families in Clarksville place a great deal of value on residential homes. In a divorce, residential homes and other real estate can be subject to property division. In addition, business assets, retirement accounts and other marital property may also be divided, depending on the guidelines followed by Tennessee.
When couples file for divorce, issues about the residential home and real estate can make the settlement more complicated. Some Clarksville spouses may also wonder how the house should be divided. Some couples may prefer to sell the estate and divide the profits, particularly if there are no children involved. Because a property division settlement may be based on the value of assets and properties, Tennessee spouses may find the following information interesting.
Typically, the value of real estate has a possibility of increasing over time; however, knowing its real worth may require the assistance of a real estate appraiser. To ascertain the value of real estate, appraisers usually start by comparing the recent sales of residential homes within the same locality. Special features in the house should also be considered to know if it may increase the value.
When deciding to sell the property and split the profits, couples should consider one more thing: taxes. If the sale price of the house is higher than you paid for it, you may owe the government taxes.
In divorce, the division of assets and properties can be contentious because each party may have a different idea about what fair share really means. However, having an appraisal done can help both spouses to achieve fair and equitable division. It may also help the settlement flow smoothly.
Source: Forbes, “Seven Key Points Divorcing Women Need to Know About Real Estate and Real Estate Appraisals,” Jeff Landers, Jan. 22, 2013