DIVORCE AND VALUING THE HOME
Divorce and Valuing the Home

A client came into my Brentwood, TN office and asked if she should get an appraisal for the marital residence to determine the value.  I explained that since an appraisal can typically cost $750 or more, it is best to use realtor comps as the first step since these are free.  I suggested she and her husband both get realtor comps and then review the comps and potentially take the average of the comps to agree on a value.  If the spouses cannot agree on the value using comps, getting two appraisals and taking the average of the appraisals would be the next step.  I also suggested they consider deducting the costs for any needed repairs from the house value as well as 7% for potential costs of sale (3% for each realtor and 1% for title insurance). 

If you are divorcing and own a home, I suggest you spend some time to ensure the house value is correct.  Using Zillow or Redfin values is fine to get an idea of the value of the home.  But realtor comps provide the most accurate numbers.