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Topic:
How to calculate value of marital home (2 Posts)
Started By:
Date:
23 July, 2017 02:03PM
How to calculate value of marital home
Slartibartfast - 23 July, 2017 02:03PM
Hello people I'd be very grateful for people's experience and advice on this. I've tried searching the forum and online, but as yet couldn't find a clear answer.

What is a fair way to calculate the value of the marital home?

My situation is that my wife and I are separating after being together for 12 years, the last 8 of which in marriage. We have an 11 year old daughter and we are going to share her upbringing 50/50 while both working. My wife is clear that she wants to move out of the marital home and set up near by. I am clear that I want to stay in the marital home, in large part so our daughter has continuity at least 50% of the time. We currently have two disagreements about the value of the home;

a) Market value
We had three estate agent valuations of the home. These days, round here at least, they offer guide price valuations to get more people interested and build up a frenzy. We have had; £270k - £290k, £275k - £300k & £290k to £295k. The neighbours recently sold with another estate agent, so my wife arranged for them to value, this time £300k. I have taken the mid price of each valuation, added them up and divided by 4 - £290k. My wife has taken a different view. As most (but not all) of the estate agents said that we could probably achieve more than the top of the guide she is being generous in suggesting that the house is worth £300k. I pointed out that it is in an estate agents interest to talk up the market value of a house in order to win your business, so it is not an unbiased valuation.

b) Net Value
Although I intend to stay in the marital home, I have included the potential cost of selling it in our calculations (about £3k). This seems like common sense to me, but she disputes it. In her view as I am not actually selling it at the time of divorce then it should not be included. I have tried coming at this from different angles, but she does not follow my reasoning. We have both had initial consultations with solicitors and the first thing mine did when looking at finances was deduct 3% of the market valuation of the house as 'standard'. I think the only way forward with my wife is if I can point to guidance on the internet. Can anyone provide me with a link, or at least let me know I'm not going mad here?

It would be great if I could take both these things on the chin as in the greater scheme of things they are a small % of overall assets. Trouble is I am at my maxed out offer to her and can't go up any higher. Responses greatly appreciated smiling smiley
Re: How to calculate value of marital home
davidterry - 23 July, 2017 02:27PM
If you want to keep the property it seems to me the only way you will reach agreement with your wife is if you accept her figures. The alternatives are to sell the property or to ask a court to decide (which will cost more than you are arguing about and a court could well order a sale too).
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