Texas is a community property state, meaning the court divides a divorcing couple’s shared assets in a manner that it deems fair. In an effort to tip the coffer in his or her favor, your spouse may, unfortunately, take steps to hide assets from the divorce process. If caught, however, this could have a serious impact on the outcome of your case.
As you may know, divorce can create financial difficulties. Now you must get by on one income, and your credit may suffer for it. In fact, as many Texans know, getting a divorce can be ruinous to one’s credit – even if it is a relief to get out of a miserable marriage.
If you are like most people, you entered your marriage with the hopes of happily ever after. Unfortunately, not even half of all married couples achieve this goal. According to Inc., 52 percent of first marriages end in divorce and 70 percent of second and third marriages end more or less the same way. Whether you and your significant other have yet to tie the knot, are happily married or are in the throes of a Texas divorce, if you own a business, take proactive measures now to protect the business you spent so many resources growing and nurturing. Otherwise, the Texas courts may award your spouse 50 percent of the company in the divorce.