One of the crucial aspects of divorce is property division. This is done to ensure each party gets a fair share of matrimonial property according to their contribution. According to Texas laws, property acquired during a marriage is called community property and is subject to division. Property acquired before marriage is separate property and is awarded to the respective spouse.
With this in mind, you need to have a seamless strategy for dividing your community property. Here are two tips to employ.
Have a list
You and your soon-to-be ex-spouse should write a list of all the properties you acquired during your marriage. Undoubtedly, you have their official documents, but listing them ensures you are on the same page. Then, work with experts to get the value of each item. You may choose to omit items you agree are of low value.
Further, you may agree to move some properties to either party before the official property division. For instance, you may leave the marital home to the spouse who will predominantly stay with the kids.
This tip can eliminate the chances of misunderstandings during division. But it works better when each party declares their wishes openly.
Don’t hide assets
You should not be tempted to hide your assets. Thus, it is not wise to sell any of your assets or change a property’s name when going through a divorce. The chances are your spouse will find out sooner or later. And this can work to your disadvantage.
Go through your documents to ensure all your assets are included in the list, as you may honestly forget one.
Property division doesn’t have to be challenging. With practical tips and needed guidance, you should create a fair property division agreement.