pjc-family-2024-lib

V ALUATION OF P ROPERTY

PJC 203.1

PJC 203.1 Value The value of an asset is its fair market value unless it has no fair market value. “Fair market value” means the amount that would be paid in cash by a will ing buyer who desires to buy, but is not required to buy, to a willing seller who desires to sell, but is under no necessity of selling. If an asset has no fair market value, its value is the value of its current own ership as determined from the evidence. In valuing an asset to be received in the future, you are to find its present value as determined from the evidence. COMMENT Source. The foregoing definition of “fair market value” is based on City of Pear land v. Alexander , 483 S.W.2d 244 (Tex. 1972), and Wendlandt v. Wendlandt , 596 S.W.2d 323, 325 (Tex. App.—Houston [1st Dist.] 1980, no writ). The instruction on value of ownership is derived from Crisp v. Security National Insurance Co. , 369 S.W.2d 326 (Tex. 1963) (uses the phrase “actual value to the owner”); see also Gulf States Utilities Co. v. Low , 79 S.W.3d 561, 566 (Tex. 2002). When to use. Relevant portions of the foregoing instruction should be used with the question in PJC 203.3 (value of property). If all assets have fair market value. The phrase “unless it has no fair market value” and the third paragraph should be omitted if it is uncontested that all assets have a fair market value. Most cases, however, will involve household goods, cloth ing, and personal effects, which may not have a recognized market value. See Crisp , 369 S.W.2d 326.

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