Divorce in Ohio is on the Rise. How to Get a Fair Appraisal for Your Divorce.
Property values are on the rise. It didn't take long for interest rates, gas prices, the cost of food and household goods to follow. What's next on the rise? The divorce rates in Ohio. A recent article, "Divorce Filings rise in Ohio for the first time in 10 years" speculates that the COVID-19 pandemic has put stress on relationships and spotlighted, for some couples, substantial irreconcilable differences.
Divorce is on the rise in Ohio for the first time since 2012, ending a steady ten-year downfall in the number of couples terminating their marriage, according to data from the Domestic Relations Division of Ohio’s Courts of Common Pleas. In 2021, divorce and dissolution filings in Ohio totaled 39,256 cases – a 3.4% jump from the 37,925 cases filed a year before. Franklin County specifically saw 4,779 cases in 2021 – nearly 300 additional cases since the 4,552 that were filed in 2020.
Although 2021’s divorce numbers are still far below the 47,466 recorded in 2012, marriage and family therapist Scott Ziemba said the “magnification of stress” caused by COVID-19 and the polarized political climate in the U.S. may account for the sudden spike in unhappy couples.
Do I Need a Professional Appraisal for my Divorce?
One of the most common questions we get is "do I need an appraisal for my divorce?" The answer is No. You actually do not NEED an appraisal for your divorce. What you will need is to agree on the value of the property so that whether you're "buying out your spouse" to stay in the house or you're leaving the house and getting half of the equity - both parties in a divorce have an interest in determining a higher or lower value. This is the reason why so many divorcing couples get a property appraiser involved.
Valuation of the Marital Property - Advice from Divorcenet.com:
.....there are a lot of differences between houses, and comps are not always the most accurate way to determine the fair market value of a house, nor is an online estimate. The most accurate method is to hire a real estate appraiser. This will be more expensive—probably $300 to $500 for a formal appraisal and report —but if you disagree about the house's value, it's a good way to settle the question. If the appraisal doesn't work, you'll have to head to court and ask a judge to decide the value of the home. The judge will likely rely on the appraiser's report, or if there are two appraisals, a judge may use the average of the two.
Once you've agreed on the fair market value for purposes of a buyout, you may decide to adjust it, for any of a variety of reasons. "
Divorce Appraisal Advice
Valuation of the Marital Property - Advice from Divorcenet.com:
".....there are a lot of differences between houses, and comps are not always the most accurate way to determine the fair market value of a house, nor is an online estimate. The most accurate method is to hire a real estate appraiser. This will be more expensive—probably $300 to $500 for a formal appraisal and report —but if you disagree about the house's value, it's a good way to settle the question. If the appraisal doesn't work, you'll have to head to court and ask a judge to decide the value of the home. The judge will likely rely on the appraiser's report, or if there are two appraisals, a judge may use the average of the two.
Once you've agreed on the fair market value for purposes of a buyout, you may decide to adjust it, for any of a variety of reasons. "
Benefits of Using an Experienced Appraiser for your Divorce Appraisal
It may be tempting to pull a valuation from an online tool like zillow.com to use for your divorce, or ask a Realtor for a free valuation - especially if the number benefits your interests. However, these automated valuation models generated without individualized research from a licensed appraiser are not going to hold-up to any scrutiny. If both parties agree on a value, than scrutiny may not be an issue. In our experience we find that a divorce appraisal, by an experienced appraisal company like Fast Appraisals, can help eliminate any uncertainty. Markets are changing at different paces and not all areas are being affected in the same way. Consider using Fast Appraisals for your divorce appraisal for the following major benefits:
- Accuracy. A past appraisal is no longer accurate and your tax assessed value is definitely not an accurate valuation. An appraisal completed, even 12 months ago, for a home equity line may not be the best indicator of value today. When you order a divorce appraisal from Fast Appraisals we use the most up-to-date market information for the most accurate valuation.
- Communication. At Fast Appraisals we always make sure to communicate directly with our clients with a phone call to determine the specific purpose of the divorce appraisal whether it be collaborative, contested or uncontested cases. It's important we identify which party is our client, who's name the appraisal will be issued to and learn more about which party are hiring us to do the home appraisal.
- We Stand Up in Court. An online valuation or a Realtor assessment is not going to defend itself if the value is contested. When you get an appraisal with Fast Appraisals, we have experience explaining our valuation in court. Our ability and experience in court appearances helps support the underlying value provided and also firms up our commitment to its value.