i am at the end of a divorce process in southern california and wondered what appraisal is used for determining equity and such. the house was worth more when he filed for divorce and i moved out. now that the stall tactics have been set in motion, the house has gone down considerably and i may owe him money. is there a set rule on this?
If it is an out-of-court settlement, there really are no hard-and-fast rules. Whatever reasonable valuation you can manage to agree to will be acceptable to the court.
I was working on my property settlement as the stock market was coming down fast in 2001. I'm here to tell you that it is very difficult to rework negotiations in progress in response to changing external conditions.
I just went through this. We could not come to an agreement on the value of the house. An appraiser was suggested to me by my attorney. It cost me $150.00. All information was provided to the respondent. On the day of the court hearing (Nov,07) her attorney presented an appraised value of the house. The difference between the two appraisals was $110,000. The funny thing was, we (my attorney and I) were never given a copy of their appraisal. My attorney was only given about 1 minute to look at it in court. We requested a court directed appraisal and thats what happened. This appraisal cost $400.00 and the cost was split between the 2 parties. The appraised value came in $12,000.00 above my first appraisal and $98,000.00 under hers. On the day of the last court hearing (Feb08) the judge made the second appraisal the binding price for the house. The equity to be split is now $12,000. If you are looking for any money out of the house you need to get it appraised and a price settled before the market keeps falling.
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