How To Value The Marital Home In A Florida Divorce?
Valuing the marital home can become one of the most complicated and contested issues in a Florida divorce. You can contact our Orlando property division attorneys at Greater Orlando Family Law to help you accurately value your marital home and ensure a favorable outcome in your divorce case.
How to value the marital home?
Since a marital home is often the couple’s most valuable asset in a divorce, you should pay more attention to your home’s valuation. There are various possible ways to determine the value of the marital home in a Florida divorce:
- An appraisal. When the parties cannot reach an agreement regarding the division of marital property, the valuation of the marital home will most likely require an appraisal and testimony from an expert at trial.
- Comparable sales. In addition to an appraisal, the Judge may also consider comparable sales when valuing the marital home. Comparable sales are based on the investigation of sales of similar homes in the area.
- The home’s fair market value. You will also need to provide the court with a fair market value (FMV) of the marital home to ensure that the home is valued accurately.
How to choose the date of valuation?
When it comes to valuing the marital home, it is important to choose the date of valuation. However, many couples do not know how to choose the date of marital home valuation.
The valuation date will have a major effect on calculating the marital home value, which is why it is best to consult with a knowledgeable property division attorney to help you choose the proper date.
The Judge may choose one of the following dates:
- The date on which the spouses separated
- The date of filing the divorce petition
- The date when the parties entered into a marital settlement agreement (MSA)
- Any other date established by the MSA
However, if too much time has passed between one of the agreed-upon dates of valuation and the beginning of the trial, the first day of trial may be chosen as the valuation date to ensure an accurate and fair valuation and distribution.
What is considered separated property in a Florida divorce?
The marital home is not the only asset that will be valued by the court to ensure an equitable division of property. Under Florida law, all marital assets acquired during the marriage are considered marital property and are subject to equitable distribution (Fla. Stat. § 61.075).
The following types of property are considered separate property:
- Each party’s assets and properties before the marriage;
- Assets acquired in exchange for a party’s non-marital assets;
- Non-interspousal gift or inheritance;
- Assets acquired by inheritance or non-interspousal gift;
- Income derived from separate assets during the marriage; and
- Assets excluded from being considered marital assets under a valid prenuptial or postnuptial agreement.
It is vital to contact an Orlando property division attorney to assist you with valuing your marital home. Reach out to Greater Orlando Family Law to schedule a case review. Call 407-377-6399.