When you build a life with a spouse, most couples tend to make a home for themselves. But if the marriage doesn’t work out, the division of property can become complicated. Real estate assets can be some of the most complex to divide in the wake of a divorce.
The responsibility falls on both spouses to catalogue your assets before the court can make an order. Both spouses must list all real estate that they own, along with market value, existing mortgages, insurances, and taxes. It is also important to give a background of the property, such as when it was purchased, how it was purchased, and when the mortgage will be paid (if any). If the real estate properties are furnished with furniture and appliances, it may also be necessary to list them as well.
The division of real estate is complicated and completely governed by state law, and Texas, as a community property state, has strict regulations involving the division of real estate. There are many issues that need to be considered including reimbursement claims, investment principle, capital improvements and sales costs. Because of the immense complexity of these issues, it is crucial to partner with an attorney that has a comprehensive knowledge base and can help guide you to a best possible outcome for your situation.
By partnering directly with my clients and reaching out to forensic and financial professionals as necessary, I have helped hundreds of clients reach optimal outcomes for their unique situations.