Perhaps you grew tired of always fighting with your spouse about money. You may be one of many Texas residents who have recently filed for divorce. If so, it pays to seek clarification of state property division laws before heading to court to avoid further financial disputes. Never assume that your spouse will suddenly stop arguing about money simply because you’re in a courtroom.
There are several helpful tips to keep in mind to help you prepare for property division proceedings or other litigation that is finance-related, such as child support or alimony. It’s also a good idea to remember that there are resources available that you can tap into for support as needed to help protect your financial interests.
Be informed, organized and prepared
Especially if you took a back seat in marriage while your spouse handled all financial issues, it pays to learn the specifics about your current financial status before heading to court. It’s also a good idea to compile important documents, such as bank statements, tax returns and employment pay stubs, that may be relevant to divorce proceedings.
What you don’t want to do is assume that your spouse is going to play fair in court, especially if he or she has been confrontational in the past about money issues.
Remember That Cash And Value Are Two Separate Issues
It’s one thing if your spouse hands you $500 in cash. It’s quite another, however, if he or she hands you a painting that is worth the same amount of money. In the first scenario, you have money in your hand that you can spend. In the other case, you have an asset that you would have to sell if you wanted cash for the value of its estimated worth.
It is helpful to keep this in mind when it comes time to divide assets in a divorce. Texas is a community property state where most marital property is split 50/50 between spouses.
Types of Assets Considered in a High Asset Divorce in Texas
When it comes to property division in a divorce, Texas is a community property state. This means that any property accumulated during the marriage must be divided equally between the spouses. When it comes to high asset divorces, numerous types of financial interests are taken into account when dividing property. Some of these include:
- Real estate investments: These could include property investments, vacation homes, and any other property owned by either spouse.
- Retirement accounts: This is any retirement savings accumulated during the marriage through IRAs, 401Ks, and other sources.
- Investments and stock portfolios: If a couple has invested in stocks or mutual funds together, these will be divided as part of the property division process.
- Business interests: If either spouse owns a business, that can be divided in the divorce. This includes any property associated with the business and ownership interests in the company.
- Insurance policies: All insurance policies owned by either spouse must be disclosed during the property division process so they can be divided.
When it comes to property division during a divorce, it is important to understand all financial interests and make sure that everything is accounted for in the property division process. High asset divorces can be complicated and require careful attention from both spouses. This will ensure that property is divided equitably among both parties.
By understanding the types of financial interests taken into account during property division in a Texas divorce, you can take steps to ensure that property is divided fairly.
What will you do with your house when you divorce?
Especially if you have children, the status of your house may be a priority issue in your divorce. Will you sell it and split the proceeds? Will one of you keep living in the house with the kids? Resolving these issues ahead of time will make it easier to achieve a fair settlement in court.
If you’re planning on staying in the house and still owe a mortgage, you may have to refinance to qualify for the loan on your own. What’s most important is to clearly understand Texas property division laws and to seek answers for any questions that are causing you concern regarding how to protect your financial interests during divorce proceedings.
Protect Your Financial Interest with Our Experienced Property Division Attorney in Texas Today
Every property division in a Texas divorce is unique and complex, particularly in a high asset divorce. Without the guidance of an experienced property division attorney, individuals trying to navigate the property division process on their own are at a disadvantage. Property division attorneys can help determine which assets and property should be classified as marital property, provide a trusted voice in court proceedings, negotiate on their clients’ behalf to get the most favorable property settlement terms possible, make sure critical forms are filled out accurately and promptly, and ensure property legal rights are upheld. To ensure one receives fair property division in their divorce case in Texas, they should consider retaining an experienced property division attorney skilled with navigating the complexities associated with high asset property divisions. Contact us today to learn how our property division attorney in Sugar Land, TX can help you equitably divide assets during a divorce. With their extensive experience and understanding, our property division attorneys will provide strong legal support for couples going through a difficult transition.
