In a Texas divorce, the court divides community property equitably rather than equally. This means the division of assets may not be a 50/50 split.
However, people have assets in multiple categories, and dividing them should not require liquidating everything and leaving each partner with equal amounts of cash—or, for some people, an equal amount of debt.
An appraisal of assets and liabilities in The Colony helps ex-spouses reach a settlement or allows the court to divide the property on their behalf. Meet with a skilled property division attorney today to learn more about this legal process.
In The Colony, inventory and appraisement describe a full appraisal of a couple’s assets and liabilities during a divorce. It lists all of the real and personal property owned by either of the spouses, as well as any liabilities and debts. It is a complete appraisement that contains all of the property or liabilities of either spouse, including separate property or property where the parties disagree about its nature.
In some divorces, the court will require the ex-spouses to fill out an inventory and appraisal. However, this is not a statutory requirement before parties get a divorce; it is discretionary. Whether the court requires it depends on whether one or both ex-spouses request it. When one of them does, the court can order each party to prepare their own inventory and appraisal.
In some jurisdictions, the court’s local rules may require parties to complete this process. It is not a requirement for all divorces, but the court will almost always grant a party’s request for it.
When they order it, the court will generally require that the inventory and appraisement be sworn, which means that the parties each sign the document under the penalty of perjury. Knowingly providing false information can not only impact the distribution of property in the divorce but also subject people to potential criminal charges.
Local rules and the court’s order in The Colony can impact what each party includes in its list of assets and liabilities for an appraisal. Because of this, it is vital to adhere to the court’s order instructions carefully.
Generally, they will require people to identify their property and debts and characterize each item as separate or community property. In addition to listing the items, parties should include a value for the assets. Most orders also require documentation. The ex-spouses may need to include payroll records, contracts, receipts, and bank statements.
However, sometimes, these documents are insufficient to establish the value of items, especially those that may have substantial capital gains during the marriage. The court may require the parties to secure a professional valuation or appraisal of the item’s value in those instances.
People can be highly emotional during a divorce and unfamiliar with the types of property that should be included in an appraisal. It is a good idea to get assistance from a seasoned family attorney.
A reliable lawyer could help you prepare an appraisal of assets and liabilities that withstand the scrutiny of a court in The Colony. If you cannot value certain items, they could also help connect you with professionals who can provide those services. Schedule a consultation with our law office today to learn more.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
