Q: Hi, I'd like to confirm something before taking further action: If my spouse and I are in front of a judge because we
...can't agree on the value of our jointly-owned home (the goal is to calculate the current equity, split that in half and he'll buy me out and stay in the home), will a judge lean more toward a Realtor analysis value or an Appraiser value? Also, in what instances would a judge require a home to be sold so the proceeds can be fairly split 50/50?
A:
First, every judge is different. Generally speaking, a realtor may have more sway if they are active in the specific market where the house is located. Even if the judge orders the house to be sold, one of the parties can have a right of first refusal. This means that when a willing buyer makes an offer to purchase that is acceptable to the sellers, one of you can then match the offer and pay the other party half of the equity.
Speak with a local family lawyer for more specific advice.
Bruce Alexander Minnick agrees with this answer
1 user found this answer helpful
A:
Normally, if there is a marital home that is titled jointly, the court would need one of you to plead for what is called partition. This allows the court, in the event the parties cannot agree to list the home for sale, to sell the home at auction. It normally does not get that far because most people understand that if a home is sold at auction you are going to get less than if the home were to be sold via regular real estate sale.
As for what value the court would use, it really just depends on which value the court deems to be most accurate. But again, the best way to know is to sell the home.
I would highly recommend retaining an attorney to represent you to ensure everything is done right. We have been practicing family law for over 14 years and offer free consultations
Bruce Alexander Minnick agrees with this answer
1 user found this answer helpful
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