Tips to Be Aware of to Protect Your Real Estate Interests when Divorcing

Family lawyers do not always know all the legalities of splitting up assets and liabilities when calculating marital property. It is in your best interest to do some of the homework yourself and be aware of the pitfalls and opportunities. Plus, doing some of the work yourself will save some money you might have paid to your lawyer for doing the same thing. If you are in the midst of an emotional divorce, you tend to overlook key financial decisions. Rather than leaving all the financial details to your family lawyer, you need to get involved, no matter how painful.

CHECK YOUR HOME'S APPRAISED VALUE

Look at your Property Tax Statement to find your home's assessment value within your county. If you do not have your Property Tax Statement, filed in the county recorder's office, you can go online or call to get a copy.

Here is an online link to county recorders in most states.

Some sites require you to enter your Property Identification Number to look up the statement. Sometimes you can look it up by inputting your last name or street address. Look at the entry marked Market Value. Even if you intend to have your lawyer get an appraiser in to appraise the property, you need to be aware that they will look at that number to base their appraisal on. The Property Tax Market Value is typically less than the actual selling price if the house was placed on the market. Therefore, the actual appraisal will probably come in lower than the house could sell for. The appraiser will err on the side of the Property Tax Market value to protect himself in court. This will be a disadvantage to the ex-spouse who did not have the house awarded to him or her in the final divorce decree.

IF YOUR SPOUSE IS UNCOOPERATIVE IN ALLOWING AN APPRAISAL