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DuPage County divorce attorneysDuring a divorce, you and your spouse will—through negotiation, mediation, or litigation—decide how your assets should be allocated between you. Before you can make this decision, appraisers must determine the value of the properties in question. Since there is no exact method for doing this, appraisers choose from a handful of acceptable techniques. The valuation process plays a significant role in determining how you push for your fair share during a divorce. Dividing marital assets is only part of a divorce, and you will need excellent legal counsel to effectively move through the process.

Methods of Appraising Property Values in Illinois

When determining the value of real estate, appraisers usually use one of the following three options, or a combination of the three, to reach an appropriate result:

Cost Approach

When using the cost approach, real estate appraisers try to judge an accurate value for a property by measuring what it would cost to build a reproduction or replacement for any improvements done to that property and subtract whatever depreciation may be evident. When these values are paired with the land's estimated value, an appraiser may reach an accurate valuation. 

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