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Determining separate versus community property is only the start

| Dec 21, 2019 | High Asset Divorce |

With the holidays in full swing, many Sugar Land couples have put their desire to divorce on hold. Few people want their families, especially their children, associating the holidays with the demise of their marriages. For those whose minds are made up, steps could still be taken to prepare for filing divorce as the new year begins beyond contemplating what would be considered separate versus community property by the court.

This would be the time to start gathering pertinent documentation such as tax returns, bank statements, property title documents and more. It would also be a good idea to gain an understanding of the couple’s debts as well. Individuals could start working on improving or obtaining their own credit, opening a bank account and starting an emergency fund. If possible, it would be a good idea to close out any joint accounts shared by a Sugar Land couple.

It might also be a good idea to find a place to have confidential mail sent during the proceedings. That way, the other party will not have access to any privileged communications with an attorney. Once all of the information is gathered, it may be easier to create a feasible, post-divorce budget, which will help with making decisions regarding property during the divorce.

Too many people make decisions that will affect their futures without a complete understanding of their financial situations. Having as much information ready as possible could make property division less stressful. Moreover, it could help when it comes time to identify separate versus community property since one party will not be able to claim a piece of property as separate when it is clearly part of the marital estate.