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Old 11-20-2013, 04:07 PM
 
Location: Albany, MN
21 posts, read 24,448 times
Reputation: 10

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Hello,

Just a couple questions if you have a second...

Looking online, it seems that a hired property appraiser would be the best to determine home value in a divorce. What if the home was just purchased 5 months ago? The market has stayed the same, can we just use the previous value? The tax assessor value is quite low.

For retirement plans, should any funds (values?) deposited before marriage be excluded? I understand the value during marriage but what about before?

(Edit: Just adding, not asking exactly the legal requirements, just what is fair/most common if none exist for this)

Thanks!

Last edited by flyingzero; 11-20-2013 at 04:28 PM..
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Old 11-20-2013, 05:23 PM
 
Location: Up above the world so high!
45,242 posts, read 96,185,101 times
Reputation: 40126
Quote:
Originally Posted by flyingzero View Post
Hello,

Just a couple questions if you have a second...

Looking online, it seems that a hired property appraiser would be the best to determine home value in a divorce. What if the home was just purchased 5 months ago? The market has stayed the same, can we just use the previous value? The tax assessor value is quite low.

For retirement plans, should any funds (values?) deposited before marriage be excluded? I understand the value during marriage but what about before?

(Edit: Just adding, not asking exactly the legal requirements, just what is fair/most common if none exist for this)

Thanks!
A lawyer is your best source for accurate answers to these questions. I suggest you contact one
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Old 11-20-2013, 05:35 PM
 
27,971 posts, read 37,263,324 times
Reputation: 26197
Appraisal or property tax evaluation. Being it was a recent purchase you can use some of the paperwork from the closing on the house. Or leave the house to one of the parties and the one keeping the house buys out half of any equity.
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Old 11-20-2013, 05:53 PM
 
6,737 posts, read 9,489,292 times
Reputation: 6832
Quote:
Originally Posted by flyingzero View Post
Hello,

Just a couple questions if you have a second...

Looking online, it seems that a hired property appraiser would be the best to determine home value in a divorce. What if the home was just purchased 5 months ago? The market has stayed the same, can we just use the previous value? The tax assessor value is quite low.
You can use whatever you want, as long as you both agree that the valuation is fair.

Quote:
For retirement plans, should any funds (values?) deposited before marriage be excluded? I understand the value during marriage but what about before?
Do the two of you have different opinions on this? Would splitting the difference, or some other compromise, be cheaper than fighting about it in court? Is it enough money that it matters?

IANAL.
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Old 11-20-2013, 07:36 PM
 
Location: Albany, MN
21 posts, read 24,448 times
Reputation: 10
Thank you for the replies so far.

Regarding the property value, one lawyer listed tax assessed value, one for the previous assessed price from about 5 months ago, just wondering what's the "norm" here. The difference is 12,000.

For the retirements, it's not a ton of money (added before marriage) but just looking for the norm here too, why waste it, right?
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Old 11-20-2013, 08:02 PM
 
6,737 posts, read 9,489,292 times
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Quote:
Originally Posted by flyingzero View Post
Thank you for the replies so far.

Regarding the property value, one lawyer listed tax assessed value, one for the previous assessed price from about 5 months ago, just wondering what's the "norm" here. The difference is 12,000.
Well, I dunno about where you live, but here the tax values are dramatically different from the real value at sale. So much so that an attorney who used the tax value would be showing themselves as an idiot (or disingenuous).

Quote:
For the retirements, it's not a ton of money (added before marriage) but just looking for the norm here too, why waste it, right?
Well it's not a waste. It's going to someone you presumably once loved deeply, and maybe your kids. But I think fairness is a good overall goal.

My divorce was amicable, and we did not have attorneys. Some people say that is worth a lot, financially.
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Old 11-20-2013, 09:27 PM
 
Location: Up above the world so high!
45,242 posts, read 96,185,101 times
Reputation: 40126
Quote:
Originally Posted by flyingzero View Post
Thank you for the replies so far.

Regarding the property value, one lawyer listed tax assessed value, one for the previous assessed price from about 5 months ago, just wondering what's the "norm" here. The difference is 12,000.

For the retirements, it's not a ton of money (added before marriage) but just looking for the norm here too, why waste it, right?
Just FYI, tax value and market value ARE NOT the same thing.

You will want to get an official appraisal of the home for market value.
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Old 11-20-2013, 10:41 PM
 
Location: DFW - Coppell / Las Colinas
39,582 posts, read 45,040,488 times
Reputation: 50860
If you just bought the house 5 months ago, that should be pretty much it's current value.

We always just compare to recent sales. Your sale is very recent.
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Old 11-21-2013, 07:36 AM
 
Location: NY
9,131 posts, read 18,322,581 times
Reputation: 11690
With such a recent buy, your home value is basically going to be what you paid for it so long as there has not been a radical shift in home values in your area since you bought it. I would just see if everyone would agree that the purchase price is the current home value.

Retirement assets: Usually assets brought into a marriage are divisible in divorce. That said, ultimately what is and isn't, and how much may depend on a lot of things. Do you and your spouse have retirement accounts? Have you both contributed equally, or unequally to them over the period of the marriage? How long have you been married? Etc Etc...
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Old 11-21-2013, 10:37 AM
 
Location: Bellmore
247 posts, read 458,132 times
Reputation: 86
Quote:
Originally Posted by SD4020 View Post
Appraisal or property tax evaluation. Being it was a recent purchase you can use some of the paperwork from the closing on the house. Or leave the house to one of the parties and the one keeping the house buys out half of any equity.
That's assuming there is equity. A recent purchase may not have equity. Especially in a downturn. I bought my house last year. Sandy killed values in my area and so did recent fire sales of people not wanting to be near water anymore. So, that pretty much erased any equity I may have started out with my down payment.
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