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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 09-05-2016, 05:34 PM
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Acadia71 is on a distinguished road
Default Land value appraisal required?

We are currently doing our separation agreement and have some land that I will owe her the appreciated value on.

Is it a requirement to have the land professionally appraised? Or can we just come to an agreement on price and move forward?

This is in Alberta. Thanks
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Old 09-05-2016, 09:44 PM
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To protect yourself from having to wrangle over this, distance yourself by using a professional real estate appraiser (not a realtor or real estate agent). Ideally, you should get more than one appraisal (usually costs around $300 per appraisal, which you can split proportional to income) and use the average. Spending a little money will remove one potential source of stress in the post-divorce relationship (if she thinks you were trying to lowball her on the value of the land, or if you think she was trying to inflate the value).
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Old 09-05-2016, 11:27 PM
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It completely depends on how amicable things are. If you both agree on a price, great.

For example, my ex and I were both content to use the MPAC value of our house and save money on appraisals.

Of course, when you each go to get independent legal advice, you may have to argue with a lawyer trying to convince you that you would get a greater value if you got five appraisals, dropped the two extremes and averaged out the rest or something.
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Old 09-05-2016, 11:52 PM
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Acadia71 is on a distinguished road

So far I have got a paper from a realtor which I think is quite wife agrees and I will likely take over some other property and make up the difference there.
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