Law Offices of Karen Cushman, P.C. A Family, Divorce & Estate Planning Law Firm
Free 20 Minute Consultation
817-789-4953

How are real estate holdings considered in a Texas divorce?

Vacation homes and other real estate holdings are a big part in many high-asset divorces. Some of our Texas readers might not realize that dealing with these holdings can often add a complex element to the property division process. Being prepared for dealing with that can help to make the property division process a little easier and a little less stressful.

Do we need to have the real estate holdings appraised?

Having a property appraised is a vital part of dividing real estate holdings in a high-asset divorce. While many properties can be appraised based on the comparable properties, or comps, in the area, there are some properties that will pose unique challenges. These properties include those that have unique features, such as a greenhouse or a deep water dock. Even some multi-car garages can affect the value of the property. When those unique features are part of a property, it might prove useful to get more than one appraisal on the property.

Can I just call my Realtor?

Generally, an impartial third party is the best person to appraise real estate holdings. You should choose a person who is familiar with the local market and is dispassionate. The person should be able to accurately assess how various additions and changes to the property affect the fair market value.

Do I need to know more than just the fair market value?

When it comes to property division, the fair market value and the balance due on the mortgage must be considered. This lets you know the equity that is in the property. From there, you have to consider how capital gains tax will affect you if the property sells for more than you paid.

Dividing real property isn't as simple as just selling the properties and splitting the money. A variety of other factors have to be considered to ensure that you are getting a solid settlement.

Source: Forbes, "Seven Key Points Divorcing Women Need To Know About Real Estate And Real Estate Appraisals" Jeff Landers, accessed Mar. 04, 2015

No Comments

Leave a comment
Comment Information

Get Started With A Free Consultation

Our office provides a free 20-minute consultation to discuss your situation. Please call us at 888-654-3558 or you may also send us an e-mail. We accept Visa, MasterCard and American Express.

Contact Us Today

Use the Form Below or Call 817-789-4953

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

Law Offices of Karen Cushman, P.C.
2408 Garden Park Court, Suite A
Arlington, TX 76013

Toll Free: 888-654-3558
Phone: 817-789-4953
Arlington Law Office Map

map