Can a home appraisal help with a prenuptial agreement for a house? Yes. I can provide a standard residential appraisal to document market value as of a stated effective date. My appraisal does not write the agreement or determine what it says about the home. Ask an attorney how to use the report.
By Joseph T. Ellington Jr., Virginia Licensed Residential Appraiser
It is a regular home appraisal
I have completed residential appraisals connected with premarital agreements. The homes were appraised as ordinary residential assignments. The fact that an owner wanted a value for premarital planning did not call for a different appraisal number or a special valuation method.
The assignment is to develop an opinion of the home’s market value as of the effective date, under the agreed scope and intended use. An appraisal can document that dated value. It does not make a premarital agreement enforceable, decide whether a house is separate or marital property, or allocate future appreciation. Those are legal questions for the attorney and, where relevant, the court.
In most of the premarital related assignments I have done, one person owns the entire home. The person who orders the appraisal is my client. The client may want the report for their records or may plan to share it with an attorney. I do not assume who else will use it; we should identify the intended users and arrangements when the assignment is set up.
Choose the value date with your attorney
Tell me the date the appraisal needs to reflect. In my current value assignments, the effective date is generally the day I inspect the home. Some owners have asked for a value as of the day before the wedding. If the requested date is already in the past, that is a retrospective appraisal, a type of assignment I specialize in.
| Requested value date | What I do |
|---|---|
| Current date | I inspect the home and develop a value opinion for the stated effective date, usually the inspection date. |
| Past date, such as the day before a wedding | I complete a retrospective appraisal, analyzing value as of the earlier date using relevant historical information. |
A current inspection cannot, by itself, establish what the home’s condition or market value was on an earlier date. For a retrospective assignment, I use the ordinary property information and any reliable records available for the requested date. Ask your attorney which date the agreement or planning process calls for before ordering the appraisal.
What should I provide?
I ask for the usual property information I would need for a residential appraisal. Tell me who owns the home, whether the assignment concerns the entire property, and the requested effective date. Share relevant information about the home and its improvements, along with any records that help clarify the property as it existed on the date being appraised.
If the date is in the past, tell me that when you contact me. I can explain what is needed for a retrospective assignment. I specialize in that work, but the report still answers a defined valuation question; it does not replace the attorney’s advice about what to disclose or include in the agreement.
Who is the client, and who can I speak with?
The person who orders the appraisal is my client. If that client authorizes me to speak with their attorney, I can do so. I sometimes speak with an attorney as a courtesy when permission is given, but my work is generally complete when the appraisal is delivered. If someone later asks me to testify in court, that is a separate request beyond completing the appraisal report.
Before I begin, we should be clear about the intended use and the people authorized to receive assignment results. My report privacy guide explains how report users and confidentiality are handled.
What the appraisal can and cannot answer
Virginia’s Premarital Agreement Act allows parties to address rights and obligations in property and the disposition of property if a marriage ends. The law and its application to your situation are matters for your attorney. My role is to develop and report the requested real estate value as of the agreed date.
A residential appraisal does not determine the agreement’s terms, decide a party’s legal rights, calculate a mortgage payoff, or promise what the home will be worth later. If a past-date value is needed, my retrospective home appraisal service describes that type of assignment. For other private residential valuation questions, see my appraisal services.
When you are ready, contact me with the property address, requested date, and the attorney’s valuation instructions. I can discuss whether a residential appraisal fits the question.
Source
About the author: Joseph T. Ellington Jr. is a Virginia Licensed Residential Appraiser with 20+ years of appraisal experience. Read more on the About Us page.