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The role of a net worth estimation during a Texas divorce

One of the central parts of the end of a marriage involves determining how to divide marital wealth. This is an aspect of a Texas divorce that can cause the entire process to grind to a halt as parties argue over who should get what. Often, the source of those arguments lies on assigning a value to various assets.

One of the best ways to reduce tensions surrounding property division is for both spouses to create a worksheet that provides an estimation of value for all assets held within the marriage. This begins by listing every asset that is held by either party and placing a value on each. Once both spouses have completed that process, they will share their results with each other and their attorneys.

Some assets are easier to value than others. For example, a piece of real estate can be appraised, and both parties can agree to use the estimation of value provided by the professional appraiser. Other assets present more of a challenge, such as a recreational vehicle or family antiques.

By creating separate net worth estimations, Texas spouses can begin the process of determining what various assets are worth, which is the first step in dividing those assets. In addition, addressing property division this way allows a chance to uncover assets that might otherwise have been overlooked or forgotten about, such as old savings bonds or a retirement account from a former job. It should also be noted that compiling a list of assets and their estimated values can reveal the areas on which both spouses are in agreement, which can make it easier to move through this portion of a divorce.

Source: Forbes, "What I Wish I Knew Before My Divorce", Michael Smith, May 1, 2016

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