Texas is a community property state. This means that marital property in a divorce is typically split 50/50 between spouses. In a high asset divorce, such issues can be complex and stressful to resolve, especially if a spouse refuses to sign the agreement. Keeping a few helpful tips in mind can mitigate stress and can help a concerned spouse make sure that he or she obtains a fair settlement.
Be assertive but respectful
Divorce is not easy, but it does not necessarily have to cause contention between spouses if they are willing to cooperate and compromise, especially during property division proceedings. Full disclosure is necessary in order for the court to make a fair decision. It is important for a spouse to protect his or her rights in an assertive manner. If both spouses are open, fair and honest about listing assets and liabilities, it will be easier to achieve an agreeable settlement.
Identify separately owned property
In a community property state, certain assets may not be subject to division, such as an inheritance that was designated to only one spouse. If a spouse owned a specific asset before marriage, that asset may not be included in the net-worth that is being divided. If a spouse believes that his or her ex is trying to beat the system by hiding assets, he or she can make the court aware of the situation so that it can be investigated.
Hiding assets in divorce is illegal
When the goal is to achieve a fair settlement in as low stress a manner as possible, both sides must be willing to play fair, which includes being honest about marital property. If there are children involved, property division and child support are top priority issues because both topics can have a significant impact on the children’s lives as they adapt to a new lifestyle after divorce. When parents are willing to work as a team and treat each other respectfully, it is easier to keep children’s best interests in mind and ensure that their financial needs are provided for in the final divorce decree.
