The division of marital property is often an area of contention in a divorce. When examining the issues regarding the distribution or assets and debts, two initial issues must be resolved: Determining whether property should be classified as marital property or separate property, and determining the value of the property.
This is part two of a two-blog series on the complexities of the division of marital property in a divorce. This blog will focus on property valuation issues. A previous blog focused on property classification issues.
Texas is a community property state, meaning a judge will divide your marital assets and debts as he, or she, deems proper and just under your particular set of circumstances. Once a particular asset has been identified as marital property, the next issue that must be determined is the value of that asset.
In some instances, the value of an asset is readily obtained. For example, stock in a publicly traded company can be easily valued. Hard assets that are often bought or sold are typically easy to value.
However, due to their nature or uniqueness, some assets are much more difficult to value, including the following:
- Professional businesses, including,
- Law practice
- Medical practice
- Dental practice
- Accounting practice
- Other professional practices
- Ownership in closed corporations or small businesses
- Real estate
- Stock options
- Insurance policies
- Retirement plans
- Profit sharing plans
In the above examples, there are many issues involving the valuation of marital property, including the uniqueness of the property, issues of property values in constant flux, and issues of determining which point in time should used to value the property. An experienced family law attorney can assist you with the valuation issues of property in a divorce.
Individuals throughout the DFW Metroplex contemplating divorce or who have been served with divorce papers, and have division of property issues, including valuation issues of marital assets, can turn to Pfister, Borserine & Associates for experienced help. We offer accurate information and experienced advice, from a legal team of John J. Pfister Jr. and Charity Borserine, family law attorneys with more than 30 years of combined experience, including Mr. Pfister, who is a Board Certified Family Law Specialist (certified by the Texas Board of Legal Specialization). We will provide you with your options and guard your legal interests.
Based in Frisco, Texas, the law firm of Pfister, Borserine & Associates represents clients in North Dallas and the DFW Metroplex, including Plano, McKinney, Richardson, The Colony, Lewisville, Corinth, Carrollton, Dallas, Ft. Worth, Arlington, Irving, Allen, Little Elm, Wylie, Lucas, Fairview, Denton, Parker, Prosper, and Celina, TX.
Pfister, Borserine & Associates
Attorneys with “Attitude!”