An appraisal would be ideal to avoid any potential claim of unfairness in the future. However, if you both agree, that may be fine. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Estate Planning and Tax Attorney, CPA (California).
It would be a good idea to have the appraisal if you are doing an uncontested divorce. Hopefully it is close to what both of you think the value is.
Please consult or retain a lawyer for your particular issue.
While an appraisal is one option, it does include a cost. Another option is for both parties to "bid" on the house and the party who bids highest buyout the other party at that price (well half that price).
Get an appraisal. For a few hundred dollars (usually - depending of the size of your house) it will protect both of you from any future claims of the other. It is just good legal and business sense to get an professional appraisal - risk vs. benefit.
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