A marital breakup involves so much more than spouses just deciding to no longer be together. Most spouses in Texas have acquired property and assets while they were married. Dividing these marital assets is often one of the most complicated parts of a divorce. Here are a few ways spouses can facilitate a more fair-minded property division process, which can lead to an easier divorce
Compile a list
One of the first things to do when divorce becomes inevitable is to make a list of all assets and property. In the list be sure to include the home, any joint property, securities and valuable collectibles. Spouses should work together to make a list that is fair, open and honest.
Businesses and retirement accounts
Possibly the most complicated pieces of property division in divorce often involve family business and retirement accounts. For businesses, the present and future value of the business must be considered. Also, many people believe that ownership of retirement accounts and benefits belong to the individual, but they may be considered marital property and thus divided.
Gain an understanding of laws
The laws surrounding property division can get confusing and will vary depending on the state of residence. Texas is considered a community property state. This means spouses will retain ownership of property owned prior to the marriage, but property and assets that have been accumulated during the marriage will be split equally among spouses. However, before beginning the property division process, each spouse should consider consulting an experienced and knowledgeable family law attorney to guide them through this experience.