Divorce is often difficult, and if you are going through one, you may be focused on the ways your spouse has wronged you. However, it is important to turn your attention to your assets and how to protect them. In general, a judge is not interested in the details of how your marriage broke down as much as they are in what you and your spouse own and how it will be divided. In a community property state like Texas, this division is supposed to be equal.
Get information
First, you should get as much information as possible on all of your accounts and finances in hard copy. This might include tax returns, bank statements, information on investment accounts and more. You should know what your own assets are, what assets your spouse has and what you own together. Even if you do not have access to all of your spouse’s financial information, there is a point in the divorce process where you are both supposed to share this information.
Make a plan
You also need to fully understand your needs after the divorce. You may want to consult a financial professional to help you create a divorce budget and consider the implications of various approaches to property division. For example, if you want to keep the family home, it is important to anticipate what costs will be associated with it. You should have an idea of what points you are willing to compromise on and what you consider non-negotiable.
During the divorce, you can either negotiate an agreement with your spouse for equitable property division with the help of your respective attorneys or go to litigation. The former approach gives you more control over the ultimate outcome, but it is not always possible.
