Odds are, you did not walk down the aisle with anything less than complete trust in the person you were about to marry, but regrettably, trust and relationships in Texas sometimes fade over time. When a marriage is on the brink of failing, it is not uncommon for one spouse to begin to try and set his or herself up financially ahead of the split, and he or she may attempt to conceal assets in doing so. At Fabio & Merrill, we are well-versed in the tactics spouses sometimes use to hide funds from one another, and we have helped many clients make sure that any community property acquired during the marriage is divided equally.
There is a great deal of misinformation circulating about how property is divided in a Texas divorce, and the division of businesses is a common source of confusion. Here are some of the biggest myths about business asset division and the truth behind them:
Have you recently been surprised with divorce papers filed by your spouse? If so, you may be experiencing a great deal of emotional turmoil. But in spite of the pain you are feeling, it is important to start focusing on all of the legal complications that are attached to a divorce.
The easiest way to get through the property division process is for both spouses to make a full and honest inventory of their assets. Once all of the assets are accounted for, it is then possible to create a fair property settlement.
The divorce process is largely made up of decisions and negotiations. And this is especially true when it comes to property division. First, you must decide how you feel certain assets should be allocated and then you have to negotiate your way to acceptable terms regarding the allocation. Monetary items, such as cash and investment funds, will likely be divided while each party will take specific physical items, such as cars, furniture and personal belongings.
In Texas, separate property is not subject to division in divorce. Separate property includes gifts, inheritances, personal injury settlements and all property acquired before the marriage. While separate property is not subject to division, it is important for people going through a divorce to be aware that protection of separate property is not automatic.
Property division is one of the most frequently contested aspects of divorce. This part of the divorce process can become especially contentious when there is an imbalance between each spouse's income and accumulated wealth.