In a divorce, property co-owned by both partners is usually dealt with in one of three ways—a sale, continued co-ownership, or a buyout by one of the partners.
A certified appraisal could be useful in all three types of proceedings but especially useful in the case of a buyout. Generally, buyouts occur as follows:
- Spouses agree on the fair value of the property or properties in question.
- The spouse that will be the full owner of the property pays out half of the agreed upon value to the spouse being bought out, either with a one-time payment or on a legally agreed upon payment plan.
- If there are mortgage payments still being made, arrangements can also be made to separate the spouse being bought out from their mortgage obligations.
The problem here is that without a certified appraisal, it’s rare for two spouses to agree completely on the value of the property. That’s where we come in. In the midst of a sensitive divorce process, you don’t want to deal with drawn-out litigation over disagreements about the market value of a matrimonial home for example. With a detailed appraisal report, Advanced Appraisal. in Toronto and across the Greater Toronto Area can give you a value to agree upon that satisfies both of your needs for accuracy and discretion and remains valid for use in potential legal paperwork.
