Dividing property and assets during a divorce can be a complicated process, especially in Texas where the law is different from other states. As a divorce attorney in Dallas, I understand the importance of proper property valuation to ensure that the division of assets is fair to both parties.
Community Property in Texas
In Texas, marital property is classified as community property, meaning that it belongs to both spouses and must be divided in a just and right division. This includes all assets and debts acquired during the marriage, with a few exceptions.
Accurate Valuation of Assets
It’s crucial to have an accurate understanding of the value of your assets when dividing them in a divorce. If you don’t know the worth of your property, the division process can become problematic. That’s why it’s essential to work with a professional who can accurately estimate the value of your assets.
Single or Multiple Valuations
Typically, each person involved in a divorce will seek their own property valuation, and those valuations are compared to determine a fair value. In some cases, the parties may agree to have a single expert estimate the value of the property, but it’s essential to be consistent in the comparison of the valuations.
The Role of Your Attorney
Having your attorney review the property valuation is advisable as they have experience in these matters and can catch any unusual valuations. They can also help you negotiate for the assets you want, especially if you show them the value of your property and how you’d like to divide it.
If you need representation in your divorce, I invite you to contact The Blacknall Firm. Our experienced team is here to help you navigate this challenging process and ensure that you receive a fair outcome.
