How is a boat divided in a Texas divorce?
As community property if acquired during the marriage, divided in a just and right manner rather than an automatic equal split. Texas courts generally value the marital estate, including boats, as of the time of trial, so we prepare vessel valuations as of that date unless the court orders a different one.
When does the income approach apply to a boat appraisal?
When the vessel earns money. Charter yachts and commercial craft are valued from projected revenue, operating expenses, and a capitalization rate, following income capitalization practice. Purely recreational boats in Texas are instead valued through comparable sales of similar make, model, year, condition, and engine hours, drawn from broker databases, auction records, and sold-boat data.
Can an unseaworthy boat still be appraised?
Yes, on a salvage or residual-value basis: the value becomes the sum of salvageable components less disposal costs when restoration would be economically unjustifiable. We state that shift in premise explicitly in the report, since market-comparable assumptions no longer hold for a vessel that cannot be returned to service at reasonable cost.
How soon must a boat be inventoried in a Texas estate?
The personal representative must file a verified inventory listing the boat at fair market value on or before the 91st day after qualifying, unless the court grants more time. Texas inventories must also state whether each asset is community or separate property, a classification that shapes who ultimately receives the vessel. A date-of-death valuation gives the executor a defensible figure for that filing.