I'm currently going through the divorce process. I decided to keep the house, had it appraised and refinanced under my name only. The appraisal came in $40,000 less than what we have in the home. Does he need to help pay for that loss? Or would we have to sell it for that to happen?
1 Answer from Attorneys
The answer depends on many things. First, "paying" for the loss could come in many forms including an exchange of assets that equalizes te deficiency. That would appear the most likely way. Second, the appraised value may always be disputed and a house is worth only what a willing buyer will pay. Third, the house value may be considered in many other ways to numerous to list here. as well . To determine the precise circumstances, you must consult with a lawyer.