How to Choose the Right Type of Appraisal for Your Separation or Divorce

What is an appraisal and why do you need one? 

An appraisal is an estimate of the market value of a property or an asset, such as a house, a car, or a business. Appraisals are often required for legal or financial purposes, such as dividing assets, settling debts, or determining taxes. If you are going through a separation or divorce, you may need to get an appraisal for the property or assets that you and your spouse own jointly or separately. 

What are the different types of appraisals? 

There are two main types of appraisals: retrospective value and current value. A retrospective value appraisal estimates the market value of a property or an asset as of a specific date in the past, usually the date of separation or divorce. A current value appraisal estimates the market value of a property or an asset as of the date of the appraisal, which may be different from the date of separation or divorce. 

• A retrospective value appraisal is useful if you want to establish the value of a property or an asset at the time of separation or divorce, which may be relevant for calculating the division of assets, spousal support, or child support. 

• A current value appraisal is useful if you want to sell or buy out a property or an asset, or if you want to update the value of a property or an asset for tax or other purposes. 

Why are these different types of appraisals important to consider? 

Choosing the right type of appraisal for your situation can have a significant impact on your financial outcome and your legal rights. For example: 

• If you use a retrospective value appraisal for a property or an asset that has increased in value since the date of separation or divorce, you may end up paying more or receiving less than the fair market value. 

• If you use a current value appraisal for a property or an asset that has decreased in value since the date of separation or divorce, you may end up paying less or receiving more than the fair market value. 

• If you use a different type of appraisal than your spouse, you may have a dispute over the value of the property or the asset, which may lead to delays, costs, or litigation. 

How can Sepr8 help you with all types of appraisals? 

Sepr8 is a platform that connects you with qualified and experienced appraisers who can provide you with accurate and reliable appraisals for any type of property or asset.  

If you haven’t started the separation process and want to get an estimate of your home’s value, we recommend using our automated valuation that can supply a valuation in a few seconds. ORDER NOW 

When you are ready to go the next step and order a full appraisal, be sure to ask for a report that includes both the retrospective and current values. You can order a full report through our sister-company, Value Connect, toll free 844-383-2473 x4258. 

Whether you need a retrospective value appraisal or a current value appraisal, we can help you find the best appraiser for your needs and budget, and make the appraisal process easy, fast, and affordable, so you can focus on moving forward with your life.