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The rules regarding selling assets during a divorce

On Behalf of | Mar 30, 2020 | Divorce |

When couples in Texas and elsewhere get divorced, they are generally required to divide joint assets in a final settlement. Generally speaking, individuals are not allowed to sell marital property without the consent of their spouse. If a couple does agree to liquidate property, such as a home or car, it may be a good idea to have it appraised before the sale goes through. The appraisal process may make it easier to get fair market value from a buyer.

The money that is raised may be used to help a person buy a new house, create an emergency fund or pay for legal fees that he or she may incur. Couples may agree to sell marital property during a divorce and use it to pay for joint legal fees and other divorce expenses. Those who sell marital assets without permission may be required by a judge to give their spouses a percentage of the proceeds.

Individuals who believe that their spouses may try to liquidate assets before initiating a divorce are encouraged to take steps to protect their rights under state law. Generally, a person is allowed to sell separate assets before or during a divorce without getting permission from a spouse. Ideally, that person will have documentation proving that an item is separate property before liquidating it.

An attorney may be able to answer questions a person may have about how assets are handled during a divorce. Legal counsel may also be able to help a person block the unauthorized sale or transfer of a business, a home or other items that are jointly owned. In addition to helping with property division issues, divorce attorneys may help an individual obtain spousal support, child support or sole custody of his or her son or daughter.