In order to reach a settlement during divorce proceedings in Texas, it is often necessary for a divorcing couple to divide community property. Couples and their respective divorce attorneys begin by making a list of assets to be divided, assigning value to each piece of property. This process can become problematic when disputes arise over valuation. Before a property division as part of a divorce settlement can be reached, divorce lawyers and their respective clients must agree on valuation, which requires the services of property valuation experts.
Property Division and Valuation
When assigning a value to community property marital assets to be divided between spouses, it is not uncommon for the actual valuation to be less than what the property owners perceived it would be. These disagreements frequently cause friction during divorce negotiations, especially when spouses realize that they will not receive as much money from a divorce settlement as had been anticipated. This can increase already elevated emotions during a stressful situation, which is detrimental to the entire divorce process.
Disputes over valuation most often happen with real estate, businesses, and life insurance policies, although other types of property can be involved as well. To avoid such property value disagreements, especially in divorces involving high-dollar assets, divorce lawyers recommend getting expert opinions from valuation experts.
The Need For Specific Valuation Experts
Divorce attorneys are aware that a valuation expert is basically a neutral appraiser who specializes in assessing the value of certain types of property. There are different valuation experts for different types of property, so hiring specific experts is important. This can be especially significant when businesses, antiques, collections, or other unique property must be assessed, as proper appraisal depends on expertise with in specific areas.
Valuation specialists research and calculate the actual value of property, including appreciation or depreciation, current market price, and other details which help assign a value. This assessment is then presented to each divorcing party and their respective divorce lawyers to facilitate the division of their property.
The opinions of valuation experts should be unbiased, based solely on the true value of the property to be appraised. Spouses may still disagree with this information; however, the courts recognize the values assigned by professional appraisers and rely on their opinions to divide marital property. Experienced divorce law firms agree it is always important to work with experienced valuation specialists when conflicts over property value arise, as they will provide a fair assessment value to be included with a fair division of involved marital assets.
All the details involved with a divorce are best handled by the right professionals, including experienced divorce attorneys and property valuation experts. The division of marital property is a complex part of divorce proceedings. Obtaining the best settlement for both sides depends on working with the right appraisers who can help determine fair value for marital community property.
Foreman Family Law
309 North Washington Avenue, Suite 12
Bryan TX 77803