Divorcing spouses in Texas must divide their property or prepare to litigate. Valuable assets are often a top concern during the property division process of a Texas divorce.
They may have spent a third of their monthly income on their mortgage every month, leading to tens of thousands of dollars in accrued equity. Spouses discussing how to share that equity may disagree about what is fair or appropriate. They may even disagree on the valuation of the home.
Who decides what real estate is worth during a Texas divorce?
Multiple parties may influence property valuation
In scenarios where spouses agree to sell their home and split the proceeds, the market determines the current value of their home. They choose a listing price and then review offers as they arrive. The market determines the sale price, and the agreement between the spouses guides how they divide the funds from the sale after the closing.
Other times, spouses might agree to an arrangement where one of them retains possession, and the other receives either an equity payout or other marital property to compensate them for their interest in the home. In such cases, an appraiser or other real estate professional’s opinion might guide the spouses as they agree on a property value.
In scenarios where spouses dispute what should happen with the home or what it is worth, a family law judge may review family circumstances and other details, such as appraisal reports, to determine what the home is worth, who retains possession and how they divide their shared equity.
Spouses who understand the valuation process for their most important shared resources can empower themselves to pursue a fair settlement during a Texas divorce. Agreeing on a home value is often part of the property division process.
