Value of home bought in marriage

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Value of home bought in marriage

my wife signed a quit claim deed that states the home was purchased for one dollar. If the property is in dispute and the judge orders it sold would the value be a dollar or would it go by fair market value?

Asked on July 2, 2009 under Family Law, Michigan

Answers:

GW, Member, Michigan and Hawaii Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

Recitals of consideration (one dollar) are common in deeds. They don't establish the value of the property. An appraiser will establish the value of the home (if there's a dispute about the appraisal, the judg might consider a competing appraisal).

GW, Member, Michigan and Hawaii Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

Recitals of consideration (one dollar) are common in deeds. They don't establish the value of the property. An appraiser will establish the value of the home (if there's a dispute about the appraisal, the judg might consider a competing appraisal).


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