Legal Question in Family Law in Maryland

Divorce

I live in maryland..and I was going to try and keep my house and pay my wife off...The question is ...we got the house appraised and I wasn't sure if I would be responsible to pay her the difference between what we owe on the house and the appraised value(less any other outstanding debts we have together)....I was'nt sure because with this market I'm sure that appraised value of the home is not what we would be able to sell it for...A friend had mentioned to me about more of a market value analysis(basically a price of what the house sell for in this current market) ..not sure if there is some legal way of reducing that bottom line..By the way ..this is not a ''angry'' divorce..We are on very good terms all things considered..Just looking out for my best interest..Thanks in advance..Clayton


Asked on 3/10/08, 11:13 am

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: Divorce

By definition, a properly performed appraisal should be what the fair market value of the property is. You could ask a realtor familiar with the area to come over and give you a market analysis, but often if the agent thinks they might get a leg in the door for a listing, they will give you an inflated figure. If there are a fair number of similar properties on the market, you could use those as a guide, recognizing that the listing prices are not necessarily what the ultimate sales price would be. If the 2 of you can agree on a value, then you can determine the equity and agree that your wife is entitled to half of that.

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Answered on 3/11/08, 11:44 am


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