When married couples split up, there is much to be discussed and decided between the two parties. Emotions are typically running high, and this can lead to disputes and confusion. Some things not to be overlooked are the division of assets and the value of assets during a divorce. A recent Texas case highlights the importance of maintaining accurate asset records during a divorce.
A woman who was divorced in 2008 recently learned that her husband continues to occupy their home they shared together. While this may seem commonplace, at the time of the divorce the home in question was listed as in foreclosure. Because of this, the worth of the home was not divided between the parties during the divorce. The woman is claiming that the division of property during the divorce was, in turn, unjust. She is demanding that the home be sold and the money be divided between her and her ex-husband.
In a larger sense, this woman shows how important it can be to understand the value of your assets; especially if involved in a high asset divorce. Even if you are the partner in the relationship who does not handle the money, it is imperative that you find a way to discover the value of your assets when going through a divorce. This ensures that the marital property is divided properly and each party receives an equal share.
Divorce can be overwhelming and complex. The numbers attributed to your shared asset valuation can mean the difference between receiving an equal share and losing what is owed. Take the initiative to discover what the true value the assets is. High assets such as homes, stocks, and 401ks are worth valuing correctly.
Source: setexasrecord.com, “Woman demands ex-husband sell home,” Matt Russel, June 12, 2014