Texas residents who are contemplating divorce may expect the process to be all about heated emotions, but a lot of it is really about paperwork. In fact, some people find that concentrating on the financial paperwork that goes with a divorce is a good way to keep their minds off the more painful parts of the process.
One of the most technically demanding aspects of any divorce is the property division process. Under Texas’ community property law, each spouse has a claim to half of everything acquired during the marriage. However, Texas law also calls for that property to be divided equitably, or fairly.
For high net worth marriages, with complex assets such as retirement accounts and investment portfolios, the property division process can be especially complicated. While a retirement account may be listed only in one partner’s name, the other partner likely has a claim to part of it. Determining how much that claim may be is typically a matter for the parties to negotiate.
One of the first steps in preparing for divorce is to list every asset the parties own: bank accounts, real estate, investment accounts, valuable items and items with sentimental value. Having a list early in the process is a good way to keep track of what’s at stake and to try to prevent the other side from unlawfully concealing assets.
A Texas attorney with experience in high asset divorces can help people with this process. All the work that goes into a divorce doesn’t completely erase the difficult emotions that go along with the process, but it can help divorcing spouses to cope.
Source: CNBC.com, “Getting divorced? Get organized first,” Valerie Adelman, March 9, 2014