Sometimes, a divorcing couple may not have much in the way of marital property to divide. If a couple owns a home, it is likely to be the biggest and most valuable asset at stake in the divorce. Marital homes are more than just an asset with high monetary worth, homes are emotionally important to many people because of the role that they play in family life. Whether the home that you and your spouse must divide up has been in one of your families for generations, or it is a newer home in which the two of you don’t yet have much equity, the question of what to do with the marital home and when is likely to be a very important issue in your divorce.
Fortunately, there is a great deal of flexibility with which couples can decide the fate of their marital home. There are many more options than fighting over which party should be able to keep the house by buying out the other party. Couples can decide upon any type of distribution of a marital home which would fit into an equitable distribution of all of the marital property. In order for a couple to be able to create an equitable distribution of their assets, they must have accurate statements of the worth of all of those assets, including the marital home. An appraiser can help you to obtain an accurate statement of value for your home so that you can have accurate numbers to work with as you decide the fate of the home and all of your other property.
Appraisers also provide services beyond estimating your home’s fair market value. As part of an appraisal, appraisers research all of the legal issues associated with the subject property. They check the chain of title, they look for liens, and they determine whether there are any other potential legalities associated with the home. They examine your home and then they look around your neighborhood for comparable properties that have been sold recently. When an appraiser has collected all of the information that they need, they will write a detailed report on the estimated value of your home.
If you are involved in a divorce and you will be divvying up your marital home, it is advisable that you and your soon to be former spouse each get your own appraisal done, because your interests are adverse to each other. If you cannot possibly get two appraisals, choose the appraiser together and make sure that both of you are at home when the appraisal happens.
The distribution of marital property is an important element of any Texas divorce. Your East Texas Family Law Attorney can help you to understand what your options are regarding the disposition of your marital home, and help you to pursue a property distribution that will meet your current and future financial needs. If you have questions about the effect of divorce on your finances, or any other issues related to your divorce or family law case, please contact attorney Alex Tyra today, to schedule your free consultation. We can be reached at (903) 753-7499, or you may visit us online to submit a convenient online contact form.
