The division of marital property is often an area of contention in a divorce. When examining the issues regarding the distribution of assets and debts, couples must resolve two initial issues: Determining whether a property classifies 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 both parties must determine is the value.
In some instances, the value of an asset is obtained. For example, stock in a publicly-traded company can be valued easily. Likewise, 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
- Art
- Real estate
- Stock options
- Insurance policies
- Retirement plans
- Profit-sharing plans
- Annuities
- Collectibles
In the above examples, there are many issues involving the valuation of marital property, including the property's uniqueness, property values in constant flux, and parties should use issues of determining which point in time to value the property. Again, an experienced Frisco divorce attorney can assist you with property valuation issues in a divorce.
Individuals throughout the DFW Metroplex contemplating divorce or who have been served with divorce papers, and have a division of property issues, including valuation issues of marital assets, can turn to Pfister Family Law for experienced help.