What’s going to happen to your money if you divorce? How will this decision impact your financial future? These are just a few of the many questions you probably have as you prepare to move forward with the process of ending your marriage. It’s normal to have concerns about your future, and it can be helpful to learn about what you can expect from this process.
Property division is one of the most complex issues in a divorce. In fact, it’s an issue that can cause a significant amount of fighting and disagreements. When you know what to expect, you’re less likely to find yourself in a costly and stressful legal dispute, and you can fight for the strong and stable post-divorce future you deserve.
Many people have erroneous assumptions about how they think the property division process will work. For example, you may assume that because you have a savings account in your own name that you will not have to share that money with your spouse – that is probably not the case. The following facts about property division and divorce may be helpful to you:
- Even if you have separate accounts, it does not necessarily mean that it is not marital property and is not eligible for division in divorce.
- Texas is a community property state, which means anything accumulated, purchased or earned over the course of a marriage is eligible for equal division between spouses.
- Sometimes courts take into account factors like the length of the marriage, income of the spouses and how the couple used their money.
- There are often disputes over what is marital property and what is separate property. You have the right to seek to protect what is rightfully yours.
The terms of your final property division order will affect your life for years to come. It is in your interests to proceed thoughtfully and carefully, pursuing a strong future through a fair agreement.
Litigation or negotiations?
Not every divorce ends up in court. It may be possible for you and your spouse to secure terms that are mutually beneficial in negotiations or discussions. Whether it’s in the courtroom or around the negotiating table, you have the right to seek legal guidance from an attorney who can help you protect your rights and pursue terms that will allow you to have security and peace of mind for the future.