Spouses who were married for a number of years may have amassed more property as a married couple than they had when they first married. There are many reasons why Texas couples choose to divorce, including not being on the same page where finances are concerned. Couples going through a high asset divorce could go through a substantial amount of challenges when it comes to dividing property.
Not all advice is helpful
One should always be a bit wary of people who offer advice on what should be done when it comes to securing finances during divorce, and that includes financial advisers as well as family members and friends. There are no cookie-cutter outlines for dividing property in Texas, especially in high asset cases. Consulting with someone who has experience in state laws governing property division proceedings is a wise move. Texas is a community property law state, meaning that, in most cases, a family court judge splits marital property 50/50 between divorcing spouses.
Things to do
There are several things that can be done ahead of time to avoid money pitfalls during divorce proceedings. These include:
- Keeping a detailed list of expenses. The more detail provided to the court regarding projected cost of living after divorce, the better. The judge will be able to make a fair decision regarding spousal support payments.
- Knowing where important documents are located. These include past tax returns, bank statements, pay stubs and any information regarding financial matters.
- Building a strong support network. If there are expectations the divorce might be adversarial, it is best to have the right individuals on one’s side for support.
Everyone has the right to expect a fair divorce settlement. Those in Texas going through a high asset divorce can be proactive regarding protecting their financial interests by getting advice from an experienced family law attorney. This is also the case should a spouse suspect his or her soon-to-be former spouse is hiding assets.