You want to divorce amicably from your current spouse, but you may anticipate a fight in the weeks ahead. Have you protected your assets from your soon-to-be-ex’s reach?
Safeguard the hard work you invested in building your assets. Take quick action to start the next chapter of your life on the right financial foot.
Identify and clarify your assets
Inventory all your assets and where they are. Specify which assets are in your name, which are in your spouse’s name and any shared assets. Draw up current financial statements to support your claims. Also, decide if a professional should appraise assets to determine their current value.
Gather financial statements
Speaking of financial statements, gather physical copies of your bank statements, tax forms, investments, mortgages, brokerage firm statements and any financial forms you signed recently. The reason to compile physical statements is you do not want to risk your ex locking you out of online accounts, blocking you from accessing electronic forms.
Learn state laws
Work with a legal professional to learn Texas’s laws regarding asset division in divorce. Because Texas has community property laws, you may lose half of your jointly owned assets. That said, any assets specifically in your name and your name only belong to you.
Get financial help
If you do not already have one, hire a financial adviser or accountant to help keep your assets safe. This is a good idea if you were not deeply involved with the finances and assets in your marriage.
Being proactive becomes key when determining asset division in divorce. Keep the above advice in mind to help sort out your situation.