The divorce process in Texas is often a difficult time for those involved, and the stress of dividing real estate assets can be particularly overwhelming. If you’re facing a divorce and you own real estate, it’s important to know how to keep your portfolio intact.
Make a list of your properties
Though this may seem like an obvious step in any divorce process, it’s important to provide yourself with a complete inventory of the real estate you own. This includes how many units are part of each property as well as what you have invested in them monetarily and otherwise. This step should also involve determining which assets are marital and which are separate property. Having all this information will help ensure that nothing gets left out when it comes time to divide your assets.
Determine your property’s value
The most important step in protecting your real estate portfolio is to determine its value. First, you will need the help of a broker or an appraiser who can provide accurate estimates on property values so that you have a reasonable assessment of what each asset is worth. Second, identify any co-owned properties with your spouse and be sure that they’re included in the property division.
Third, consider all the costs associated with selling each of your properties in order to get a fair price for them if you decide to sell. This will help prevent any disputes over how much you or your spouse owes on closing costs and other expenses involved when transferring ownership from one party to another.
Have clear copies of your financial statements
It’s important to have clear copies of all your financial statements, tax returns and other documentation that proves the value of each property as well as the associated expenses. Among other things, this information can help in determining how much you can afford to contribute toward any settlement or court-ordered payment plan.
As part of your divorce process, you and your spouse may need to part ways with some of the real estate you own. However, having a clear understanding of each property’s value and how to protect your assets might help things run smoothly.