How a Home is Valued in a Divorce in Kansas

Going through a divorce may bring a lot of questions to mind. A major focal point that many are concerned about is splitting one of their most significant assets – their shared family-house. Who gets to keep it? If both spouses are entitled to the house, how is it valued?

The state of Kansas has laws in place regarding these matters. Attorney Joseph T. Welsh has extensive experience helping clients navigate divorce law, protecting their legal rights, and answering these difficult questions regarding shared property and assets.

Who Gets to Keep the House?

Most times, a house is considered a marital asset if it was bought during the marriage, so it must be divided between spouses. A house might be regarded as non-marital property if it got purchased before the wedding and could still entirely belong to the spouse who bought it. However, if both spouses include their signatures on the deed or if the mortgage was refinanced during the marriage, the house is usually considered marital property, and the value must be divided. The problem is that a house isn’t liquid, and splitting spouses can’t each claim half and simply walk away.

If a divorcing couple must split the value of their home, how is it divided?

Sell the House and Split the Profits

One option that’s often the easiest is selling the house. Both parties split the profits and move on with their lives. Many times, however, that’s not the case, since one spouse will want to keep the house. If there are children and they’re going to school in the district where the house is located, then selling and moving might not be the best option – for the sake of the children.

The spouse who wants to keep the house can refinance under their name only, and then pay the other spouse a portion of the equity. Moving forward, the house belongs to the spouse who refinanced the property.

If the spouse who wishes to keep the home can’t afford to refinance on their own and buy out the other, they can simply wait. The spouse who remains in the house after the divorce is final will usually take care of the payments and expenses until both decide to sell or refinance and split the profits.

Appraise the House to Learn its Value

If one spouse wants to keep the house and buy out the other during a divorce, the house must first be appraised to learn the market value. There are two ways to evaluate a house. The first way is to hire a Real Estate agent to perform a comparative market analysis. To do this, they’ll compare your home to three similar ones in your area that have recently been sold or are currently on the market, waiting to be sold. Based on these rates, your house’s value will likely be similar. The other option is to have a licensed appraiser examine your home and tell you the value based on a plethora of variables. Having a house professionally appraised can be costly, but it’s the only method that a court will recognize – if a judge is determining your divorce proceedings. 

Kansas Divorce Lawyer Here to Help

If you’re preparing for divorce proceedings, many questions may come to mind as you move forward. Working with a professional divorce attorney in Kansas like Joseph T. Welsh, Attorney at Law, who has years of experience, can help you determine the best path to move forward with your life.

Joseph T. Welsh understands the significance of having a firm negotiator available to protect your property, so you have a positive outcome from your divorce case. His understanding approach for those facing the challenges of a divorce can help you safeguard your future. Contact his office today at (620) 510-5030 for your complimentary consultation to discuss your needs.