When dividing marital property in a divorce, what determines the value of the home?

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When dividing marital property in a divorce, what determines the value of the home?

When my spouse filed for a divorce, my lawyer advised me to get an appraisal on our home, which I did. However, when we went for mediation, they actually used the fair market value on the property taxes instead of the appraisal of the home in its current condition. What amount should have been used when determining the value when dividing the property? Why would I need to get an appraisal if this amount is insignificant?

Asked on October 23, 2010 under Family Law, Tennessee

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I think that they made a big mistake in the mediation and I would speak with your attorney on the matter (or get a second opinion from another attorney).  Is it possible that this was some sort of strategy that is particular to your area?  It may be but I can not see how.  I am hoping that the mediation was non-binding and that the report is not one that is just accepted by the court in its determination as to the value of the asset.  If the parties could not agree at a trial or settlement conference as to the value of the property I am sure that the court would order an independent appraisal and use the fair market value.  Get another opinion here.  Good luck. 


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