Dealing with Property Appraisals in High-Asset Divorces

 Posted on January 16,2015 in High Asset Divorce

Couples going through high-asset divorces are often faced with complex property decisions, and this is especially true for Texans in high-asset divorces. Texas is a community-property state; hence, any property purchased during a marriage is part of the marital estate and is subject to being divided. Therefore, it is important to consider how a divorcing couple's real estate may be divided.

In order to determine that division, the worth of the property must be determined. Typically this is done by a real estate appraiser who bases his or her findings on the current market value. Financial advisors point out that it is important for couples in the process of a high-asset divorce to understand how real estate appraisals work.

Appraisers determine the current market value of a property by analyzing sales of other similar properties in the geographical area in which the property is located. If your property has features which may be considered unique, an appraiser will determine if that feature adds or subtracts value to the property.

Additionally, it is important to remember that what you may consider a wonderful, unique feature may be looked at as an eyesore by someone else. This is also true when it comes to appraisers. One appraiser may look at a certain feature as something that enhances a property's value. However, another appraiser may determine it to be a negative feature.

Because the worth of a property is determined by the current market value, it is crucial to hire an appraiser who is savvy about the local real estate market. If you have properties located in different areas of the state or country, you should not use just one person to appraise the properties. Hire a local appraiser for each property.

Once the value of a property is determined, the amount owed on a mortgage can then be subtracted. This amount is considered the equity. Due to the consequences of tax liabilities, it is important to understand equity when determining marital estate division.

If you are going through a high-asset divorce, it is essential to contact an aggressive Cedar Park high-asset divorce attorney who will represent your interests during divorce negotiations. Call 512-610-6199 today.