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Methods for finding the value of one's home during a divorce

One major issue that Missouri residents commonly run into during the process of getting a divorce is dividing their assets. When both partners are involved in the process of property division, it is important that they assign accurate values to what they own. One of the largest assets most people have is their home. If one of the members of the divorcing couple intends to keep the home or the proceeds from the sale of the home after the divorce, it is essential that the actual value of the home is known.

If a home is under- or overvalued, a couple's assets will not be split fairly. The two best ways to determine the value of a home are to have a home appraisal done or have a competitive market analysis completed. Home appraisals are more expensive, but they are more accurate. During a home appraisal, a real estate agent will determine the precise and current value of a home based on its condition and its neighborhood.

A competitive market analysis determines the value of a home by looking at the average value of other homes in the neighborhood and how much homes recently sold in the area have gone for. This will give a ballpark value of a home, but it does not take specifics into consideration and can be rather inaccurate if home values vary considerably in the area.

When individuals are going through a divorce, splitting assets like homes, bank accounts and retirement funds can be difficult, even if both parties approach the separation amicably. For this reason, it may be beneficial for someone getting a divorce to speak with an experienced divorce attorney.

Source: Huffington Post, "Three Ways To Value Your Home In A Divorce," Joseph E. Cordell, Mar. 1, 2013