Divorce Appraisals Chicago IL
Divorce is a difficult process involving tough decisions. During a divorce, a division of assets including the family home is required by law in Illinois. Since the house itself can’t be physically divided, the division is typically done by selling the home and dividing the proceedings or one party buying out the other.
In such cases you may need an appraisal conducted for your house. AnDel Appraisals is a well-known home appraisal company in Chicago. We have worked on several divorce appraisals and will surely help you too!
Why is a Divorce Appraisal Important?
Since Illinois is an equitable distribution state, the assets are not divided equally during a divorce. Instead, the court decides how much share each party gets based on several factors. To make a fair and just decision, the court requires a current appraisal of the home.
As such, hiring a professional real estate appraiser to conduct an accurate appraisal of the house becomes essential. This will help the court in accurately determining the value of the house and managing any disputes between the spouses regarding the home value.
What is Included in a Divorce Appraisal
A divorce appraisal is often different from a regular home appraisal and requires more effort. It must meet the legal standards and be prepared in a format suitable for presentation in court. It also requires a more detailed analysis to properly address issues of joint ownership and the division of assets.
A divorce appraisal typically includes:
- Interior and exterior inspection – A thorough examination of the property’s interior and exterior, evaluating its condition, layout, and features.
- Recent renovation and repairs – Estimation of any value added by any recent improvements to the property.
- Market analysis – Analysis of recent sales of comparable properties in the area to assess market value
- Valuation report – A detailed valuation report with the estimated market value and supporting data
In addition, a divorce appraisal also considers special factors like a potential buyout scenario.
Why Choose AnDel Appraisals
AnDel Appraisals has helped several of its clients with divorce appraisals in its tenure of over 12 years. Our appraisals are guaranteed to be unbiased and court-compliant. We also make sure to keep our appraisals detailed to provide clarity and help resolve disputes.
In addition, AnDel Appraisals also offers expert witness services if the valuation needs to be defended in court. This means that, if needed, our professional will testify in court providing an unbiased opinion on the worth of the property involved in the divorce settlement.
Our team of appraisers possesses in-depth knowledge of Chicago real estate rules. Moreover, they are well versed in English, Spanish, and Polish languages allowing us to serve a more diverse range of clients.
All of these factors make AnDel Appraisals the best choice for getting a divorce appraisal in Chicago and surrounding areas.