Divorce proceedings help people who have lived together separate their lives. Spouses need to identify their marital assets and determine what they are worth. They then negotiate arrangements for splitting those reasons, as well as their marital debts. High-asset divorces may involve numerous valuable resources, including investments, retirement savings and real property.
Real estate holdings, such as one’s marital home, are often the most valuable assets spouses must divide, and the agreed-upon value of the home can influence many other aspects of the final settlement. Who settles a disagreement about home value in a Texas divorce?
Professional insight may be necessary
If spouses agree to list their home, then the market may ultimately settle their disagreements about what the home is worth. However, if one spouse intends to stay in the home, they need to resolve their disagreement on the fair market value of the property.
Frequently, spouses hire appraisers to assess the property. However, the home valuation process involves some subjective elements. Appraisers may slightly skew their final valuations based on the priorities of their clients.
The spouse retaining the home likely wants to keep the assessed value as low as possible, while the spouse moving out may want to set the highest possible value. Sometimes, both spouses hire their own appraisers. They can then average the values set and meet in the middle.
In cases where spouses truly do not agree on what the home is worth, it may be necessary for them to have a judge review appraisal reports and other documentation to determine a reasonable value for the home.
Preparing for property division litigation may require the support of professionals, including a lawyer and those with experience handling residential real estate. Ultimately, accurate valuation is often critical when dividing community property, and working with a skilled legal team can help to better ensure a fair outcome accordingly.
