Prosper, TX Real Estate Property Division Lawyer

Divorce Attorney For Dividing the Marital Home and Other Real Estate Properties

Real estate properties tend to have a substantial influence on the division of assets in a Texas divorce. For the average married couple, the marital home may be their most valuable asset, and in a high-asset divorce, spouses often need to determine how to handle vacation homes and other real estate properties as well. There are many important details to consider when dividing real estate property, and it is important to have a plan to protect your financial interests.

At Pfister Family Law, we have extensive experience helping our clients navigate complex property issues in their divorce cases. We can help you obtain fair valuations of your real estate properties, advise you of your available options, and advocate for a divorce settlement or resolution that addresses your needs and priorities.

Which Real Estate Properties Are Divided in a Texas Divorce?

Like all other types of assets, real estate is only subject to division in a Texas divorce if it qualifies as community property. Community property generally includes real estate that was acquired during your marriage. For example, if you and your spouse bought a home together, or if either of you used marital assets to purchase a vacation or investment property during your marriage, you will most likely need to decide how to fairly divide those properties.

However, some real estate properties are considered non-marital assets, and are therefore protected from the property division process. If you owned any real estate prior to your marriage, you will most likely be able to keep it in the divorce. Real estate that you received as a gift or inheritance during your marriage will also likely be considered your personal, separate property. A prenuptial or postnuptial agreement could also stipulate that certain real estate properties belong entirely to one spouse or the other.

Real Estate Property Valuations

Because the value of real estate changes over time, the purchase price or property value at the time you acquired a property will not likely be an accurate reflection of the property value at the time of your divorce. Obtaining an accurate, up-to-date valuation of your community real estate property allows you to prepare for your divorce with information that may serve as the basis for a settlement negotiation or evidence in divorce litigation. We can help you work with appraisers, market experts, and other financial professionals to value your property.

Dividing Real Estate Assets in Texas

Though your real estate property may be subject to division, that does not necessarily mean that you will need to split each property equally with your spouse. You may have a variety of alternatives, especially if you can come to an agreement with your spouse. We can help you consider your options, which may include selling a property and dividing the resulting assets, distributing real estate properties of roughly equal value between you and your spouse, buying out your spouse's share of a real estate property with other marital assets or an alimony agreement, or even maintaining joint ownership of a property with your spouse. We will advise you of the legal and financial implications of your decisions so that you can make an informed decision regarding the course of action you want to pursue.

Contact a Prosper, TX Real Estate Division Attorney

Determining your priorities for your real estate assets early on can help you better prepare for the divorce process. We can help you get started today when you contact us at 972-954-6455 and schedule an initial consultation. We provide divorce representation for clients throughout North Texas, including Plano, Frisco, McKinney, Prosper, Denton, Little Elm, Dallas, The Colony, Collin County, Dallas County, Tarrant County, Hunt County, Denton County, Sherman County, Rockwall County, and the surrounding areas.