When dividing marital property in a divorce, what determines the value of the home?

Get Legal Help Today

 Secured with SHA-256 Encryption

When dividing marital property in a divorce, what determines the value of the home?

When my spouse filed for a divorce, my lawyer advised me to get an appraisal on our home, which I did. However, when we went for mediation, they actually used the fair market value on the property taxes instead of the appraisal of the home in its current condition. What amount should have been used when determining the value when dividing the property? Why would I need to get an appraisal if this amount is insignificant?

Asked on October 23, 2010 under Family Law, Tennessee

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I think that they made a big mistake in the mediation and I would speak with your attorney on the matter (or get a second opinion from another attorney).  Is it possible that this was some sort of strategy that is particular to your area?  It may be but I can not see how.  I am hoping that the mediation was non-binding and that the report is not one that is just accepted by the court in its determination as to the value of the asset.  If the parties could not agree at a trial or settlement conference as to the value of the property I am sure that the court would order an independent appraisal and use the fair market value.  Get another opinion here.  Good luck. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption