Marriages in Ohio vary in length, the number of children couples have together, the amount of assets they own together and other differences as well. However, no matter the differences in the marriages if the couple divorces, they will have to split the life they shared together into two separate lives.
This includes determining child custody, visitation, child support and property division of the assets and debts that the couple acquired or incurred during the marriage.
One of the assets the couple may have is a house. In some divorces, the house they own is their most valuable asset, but it is also one that can be difficult to divide as they cannot just be split into two. So, in order to divide the home, the first step is to determine the value of the home.
This is usually done by completing a comparative market analysis or an appraisal of the home. During this process, a professional in the field will analyze the price of similar homes in the area, the features specific to the couple’s home in comparison to those sold and other factors to determine what the house may sell for if it was on the market at that time. Then the amount owed on the mortgage will be deducted from that number to determine the marital value.
There could be other factors that will affect the determination of the value though. These include whether one spouse may have owned the home separately prior to the marriage and the appreciation of the home during just the marriage.
Many couples in Ohio who are going through a divorce own houses. These houses could have been purchased either during the marriage or prior to it, but in either situation, the house will have a marital value that will probably be divided. Experienced attorneys understand these matters and can help guide people through them.