How do I decide on the value of my residence in a divorce action?

There are generally four ways to value your home:

1.    Have your home valued by a professional appraiser.

2.    Ask a real estate agent to provide you with a market analysis using comparable real estate in your market area.

3.    Use the fair market value, as determined by your real estate taxes.

4.    Agree on a value between you and your spouse.

In today’s economy, it is important that you value your home as of the date of divorce.  Sometimes an appraisal is completed months before the actual divorce and the actual value of the real estate as of the date of divorce may change significantly.