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Divorce And Real Estate In Reston Herndon And Great Falls
Are you going through a separation...a divorce....or any life change... do you need to decide what to do with the family home? Are you planning to stay in the home? When do you think you will want to sell? These important decisions affect your future financial health.
I completely understand...I was there once too. I decided to sell as part of the divorce process, but many times one spouse decides to remain in the house. The divorce process is very stressful and often the money part is the most stressful. Often the family home is one of the largest assets. I am happy to compile and give you a free comparative market analysis (CMA) to help you see your homes value in todays market. You should be aware that this is just one tiny part of the analysis.
Your home could have unknown liens or hidden defects--like termites, unseen mold, deferred maintenance--and that affects the value of the property. Many times these things are not discovered until after your property settlement is signed, sealed, filed and final! If not detected before you sign your settlement, the spouse retaining the house probably did not receive an equitable division.
Here is a real scenario, couple divorces, one spouse keeps house. During the divorce they couple gets an appraisal to determine the value of the house. The couple subtract the appraised value from the mortgage balance, this figure is then placed on the spouse keeping house side of the spreadsheet as an asset. Fast forward one year, spouse now decides to sell the house. The house has deferred maintenance and the appraisal was very generous. The house was listed for tens of thousands of dollars less than the appraised value, money lost. In addition spouse paid more money to put the house in better sale condition; paint, new carpet, refinished hardwood flooring, enhanced walkway, replaced windows with broken seals, etc, more money lost. So far, spouse is (insert large number) less than the "value" received as part of the divorce. This figure also does not include the costs to sell, any repairs that may have to make as a result of the home, termite, radon, and septic inspections.
Many times the family home is the most valuable asset in a divorce, however, when dividing marital property, appraisal minus mortgages does NOT necessarily equal equity! This incomplete equation can leave your house over-valued and that can work against you. More real estate due diligence is needed much earlier in ones divorce process. Call me for more information and a confidential consultation.