When going through a divorce, Texas residents certainly do not want to feel as if they got the short end of the stick. While most people are not ever fully satisfied with the entirety of their divorce settlements, you can take steps to ensure that you work toward an outcome that you feel is at least acceptable.
If your case involves business assets and other unusual pieces of property, you could have a more difficult time knowing what property division outcomes you should fight for. Because Texas is a community property state, laws regulate that marital property is any property obtained during the course of the marriage from either party, with some exceptions. As a result, it is important to know the value of that property.
How should you value assets?
When you have complex assets, the value of those assets will play an important role in determining who should get what in efforts to make the property division outcome as close to 50-50 as possible. When it comes to valuing real estate, it may be important to consider appreciation and depreciation of certain items, and the insight from a professional may be necessary. A comparative market analysis could help determine the value of such property.
When valuing a business, the situation becomes more complicated. For instance, you will need to examine various financial details of the endeavor. You may need to know about the assets and debts of the company, whether an increase in value has occurred during the course of your marriage, and what the profits of the business look like. Additionally, the date that the valuation occurs could even affect the results, which is why setting a date ahead of time usually occurs.
Expect the unexpected
Depending on the types of assets involved, the exact method of valuation may change. You may also want to remember that valuations can differ depending on the method used and even the valuator. As a result, you may anticipate an item to garner a particular value only for it to have a different outcome.
Certainly, knowing the value of assets is vital to coming up with property division terms. However, it can be hard to go through the valuation process, especially for unique items. You may want to ensure that you and your legal counsel understand the values of your marital assets before moving forward with any agreements.