When going through a divorce, property division is one of the largest hurdles many couples will face. Next to child custody and support issues, it's often the single biggest area where arguments can arise and accusations can be thrown.
However, there are ways to settle property division concerns more easily and more equitably, if both parties are willing to do so. That begins with honest about assets, so you and your spouse can divide things fairly and move forward as separate individuals with separate property in the future.
Determining All the Assets
The determination of the assets is the first step toward getting the property divided. If one or both spouses are trying to hide assets it can be very difficult to divide things fairly. Spouses who hide assets and are discovered can also face penalties for doing that, so it is always better to be up front about any marital assets. That can also make the process faster, which saves money during a divorce and helps protect the assets the couple has from being used to pay for the divorce process.
Texas is a Community Property State
Because Texas is a community property state, marital assets are divided between the spouses on a 50/50 basis. However, that applies to marital assets that are owned by both parties, and not to individual assets. That is why it's very important to determine all the assets, so it can be decided whether the asset belongs to the marriage and the couple, or whether it specifically belongs to one individual spouse.
What the Division of Property Means for Your Future
No matter what else happens with the division of property, you will generally find that there will be less money and fewer assets after a divorce. Getting used to that can take time, but good financial planning can help you get through that and begin to build a nest egg and additional assets once again. By carefully protecting and nurturing the assets that remain with you after a divorce, you can increase your financial security even without a spouse to help build a fund for the rest of your working years and even into retirement.
By working with an attorney who has experience with divorce and property division, you have the highest chance of a good outcome in your particular situation. Getting the best division of property possible is important for your future, and you want to have legal representation and an advocate on your side. Don't lose out on property that should be yours during a divorce. An attorney can help you reach a fair and just property agreement.