One way to deal with your family home as part of your divorce is for one of the spouses to buy out the other’s interest in the home. The way the buyout occurs varies depending on the circumstances of the divorce. It could take place over time, with both spouses maintaining an interest in the home, or it could be completed as part of the divorce settlement. In the latter situation, you might refinance the home and take out a new mortgage loan.
Home value is important
Regardless of how the buyout happens, the value of the home will be important when determining how much the buying spouse pays. You will either need to agree on a value or need to get a professional appraisal performed on your property to determine its current fair market value.
To add more context to this number, you may also work with a real estate agent who can provide information on the prices of recent homes comparable to yours that were sold in your neighborhood. Websites like Zillow and eappraisal.com allow you to get an estimate of the home’s value simply by typing in your address.
In general, a professional appraisal is the only truly reliable method of getting an accurate assessment of your home’s value. This will usually cost several hundred dollars, but the cost can be split between each spouse.
To learn more about negotiating a house buyout, consult a knowledgeable Minnesota divorce lawyer with Appelhof, Pfeifer & Hart, P.A.
