Spouses in Texas marriages that are heading for a divorce may be concerned about getting their fair share of their assets. This is especially true when the value of the assets is substantial. The process of property division in a high-asset divorce could prove to be complicated and you may need the expertise of an experienced attorney to protect your rights.
Texas is a community property state. Property types governed by this law include motor vehicles, boats, real estate and family business interests. In addition, if you and your spouse have retirement accounts, pensions, stocks, bonds or investments, they will also be divided according to this law. An area that may prove complicated is determining whether inheritances, heirlooms, gifts and collectibles are community or separate property. Your legal counsel can explain the effect this law has on your property division as matters regarding community property and separate property often raise many questions.
Legal counsel will also do whatever possible to uncover hidden assets if you have reason to believe that they exist. Divorcing couples are required by Texas law to declare all assets so that they can be divided according to the state’s regulations. If you believe that your spouse is hiding assets to avoid their division during the divorce process, you can turn to an attorney for help.
You may be concerned that your spouse may have intentions of claiming assets to which you are entitled. You may feel intimidated by the prospect of property division that will ultimately reflect your investment into the marriage. Regardless of the area in which your concerns lie, you may benefit greatly from retaining the services of a knowledgeable legal professional to safeguard your interests. The decisions made during the divorce process will help determine your future lifestyle. For more information on Texas property division, visit our website.