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Valuing the family home in New Jersey during a divorce

On Behalf of | Jul 14, 2020 | Divorce

There are many decisions that have to be made when a couple decides their marriage has come to an end. New Jersey couples who make the decision to divorce must go through their assets and debts, and one of the things on the table is the family home which more often than not is a marital asset. As such, the net value of the home will be divided between spouses.

A house is not a liquid asset, so there are all kinds of things to consider regarding its evaluation. There may also be other considerations such as whether one spouse would like to stay in the home — especially if children are involved in the divorce. If the home should be sold, it’s value is what a purchaser pays for it. But if that is not an option, there are other ways of valuing a home.

Real estate agents and real estate appraisers use different methods for figuring out what a home is worth. Agents use a comparative market analysis method which compares the home with comparable homes that have recently sold. The method used by a licensed real estate appraiser is much more involved and is usually the method that will stand up in court. A couple could also decide to offset the value of a home with other assets should one person decide he or she wants to keep the home. 

There are many variables involved regarding a matrimonial home during a divorce situation. A New Jersey lawyer may be able to clarify these areas for his or her client. An attorney could also explain how offsetting other marital assets could work should the couple decide not to sell the home.