How real estate is handled in a Texas divorce
May 1 2015 - Posted by On Behalf of the Lincoln Law Firm, PPLC, in Property Division, Valuation, Tagged in Assets, Property Division, Valuation
Couples who are going through a divorce in the Houston area know that real estate is one of the biggest assets a couple may have. Property division is a large part of divorce and for a spouse’s future after the divorce. It is therefore critically important to know how real estate is handled in a Texas divorce.
Since Texas is a community property state, real estate that was purchased during the marriage is generally divisible during the divorce settlement. In order to fairly divide the property there are a number of things that should be done. First, the value of the property needs to be determined. This process can start by comparing the real estate to comparable property sales. A real estate appraiser may be of help, as he or she can research the property and comparable nearby sales to determine the value. The appraiser should be knowledgeable in the market where the real estate is situated since each market is different and local conditions may affect value. Also, unique features of the home should be evaluated by the appraiser to reach an accurate assessment.
Failing to properly perform this step of the property valuation process can be catastrophic for an individual’s finances. A spouse may be significantly short-changed or lose a significant amount of money.
Thus, anyone going through a divorce in Houston should know how property division and valuation can affect their settlement. A legal professional skilled in family law can help an individual navigate the complex situations that a divorce can present, including property division. An attorney work in an attempt to ensure their client receives a fair settlement and is able to emerge from the divorce in a positive way.