Author: Cynthia H. Clark

Property Division

Don’t Underestimate the Value of a Good Real Estate Appraiser

One of the most common questions divorcing couples face is whether they intend to keep their family home. Although a one-word answer would be luxurious for a conversation about the matter, the reality is that few couples are able to quickly make decisions about such complicated property division issues. Couples must consider whether one person should remain in the family home or the property should be sold to divide the profits. When vacation homes and other properties are thrown into the mix, an even more convoluted situation can result.

A real estate appraisal is one of the key elements that will help you decide whether to keep or sell your home. Most real estate appraisers will assess the value of your property using the value of comparable homes in the same market with similar features. Those comparable sales, along with the value of any special features, are added together to determine the value of a home. Most residential properties are consistently assessed, but special features such as docks, greenhouses, and large garages may complicate the process. Judges may order an independent appraisal if both sides cannot agree on the value of a property.

Keep in mind that many of your additions may be viewed as liabilities in your local housing markets. Add-ons such as swimming pools may actually lower the value of your home, depending on the real estate climate in your area. The appraiser is not biased toward your preferences, instead considering the needs of buyers in the region.

Also, remember to choose an appraiser that is familiar with the local real estate market. Fair market values differ significantly between areas, even within the same state. As a result, divorcing couples should seek the services of a local appraiser, especially for out-of-state vacation homes.

Finally, remember that real estate values are not stable over time. A retroactive appraisal of a home might be necessary, particularly for women who moved into homes that their husbands already owned. If you can prove that your marital funds increased the value of the home, you can ask for a higher cut when the time comes to divide the property. Negotiating a fair divorce settlement is difficult, but an accurate appraiser can play a critical role in helping you get the money you deserve.

Source: Forbes, “Seven key points divorcing women need to know about real estate and real estate appraisals,” Jeff Landers, Jan. 22, 2013

General Interest

McCready’s Boyfriend Commits Suicide, Custody Now Up For Grabs

Child custody agreements can change based on individual life circumstances. If a loved one dies, for instance, custody agreements may be modified to accommodate the new situation. Country singer Mindy McCready is in legal limbo again after her boyfriend’s suicide, which has sparked a new child custody battle for her 5-year-old son. McCready, along with her mother and the boy’s father, will all be fighting for primary custody in the coming months. McCready is planning to travel to Arkansas to be with the boy, according to media reports.

Just over a year ago, the country superstar captured the attention of a nation when she was found hiding in a closet with the boy after abducting him from his grandmother. McCready’s mother became the boy’s legal guardian after her drug and alcohol addictions became so overwhelming that the singer could no longer care for the boy. The boy’s father also has visitation rights and sees him regularly. The man is also expected to travel to Arkansas to spend more time with his child during the coming weeks.

The custody battle is looming in the wake of the suicide of McCready’s live-in boyfriend. The man killed himself with a self-inflicted gunshot wound to the head; he was found on Jan. 13 and pronounced dead hours after the incident. The man’s death is likely to have a significant bearing on a judge’s custody decision, according to media reports. McCready will also be fighting for custody of a 9-month-old child she had with the deceased man. Since living with the man, the singer had proven that she had beaten her addictions, and she was able to regain custody of her son in February 2012.

McCready has been arrested multiple times in the past after being charged with identity theft, unlawful imprisonment and hindering prosecution. She has also struggled with mental health problems, including two incidents of apparent attempted suicide.

The custody battle is likely to continue as McCready’s mother and the boy’s father pursue additional legal action.