The property that you and your spouse bring into your marriage with you is considered separate property that will remain yours if your marriage ends in divorce (if you keep it separate throughout your marriage). However, those assets that you acquire together as a married couple are marital property (called community property in Texas), which is to be divided – in the event of a divorce – in a manner that is just and right given the specifics of your marriage. The fact is, though, that keeping separate property separate is not always easy to do. If your spouse decides to get sneaky and hide – or otherwise divert – assets, it makes the matter that much more complicated. Because a fair division of marital property will play such an essential role in your future finances, working closely with an experienced Killeen divorce attorney is advised.
Diverting Marital Property
If your spouse springs a divorce on you or has more involvement with your marital finances than you do, it puts them in a better position to affect how your marital property will be divided. Common tricks include:
Hiding assets
Giving away assets
Attempting to obfuscate ownership
Hiding financial documents
While you may think your spouse is above attempting to cheat you out of assets that are rightfully yours, the emotional rollercoaster that is divorce can push people to act in ways that you would not normally suspect.
Documenting Your Finances
One of the most important steps you can take to help ensure financial parity in your divorce is to gather and compile all pertinent financial documentation, including:
You and your spouse’s pay statement
You and your spouse’s bank statement
Credit card statements
Your joint tax returns for at least three years prior
Any loan applications that either or both of you entered into (and attendant contracts)
Your mortgage documents
Appraisals and deeds for all real estate in your names (separate or joint)
Your financial portfolio in its entirety (including any trusts)
Registration and titles for all vehicles (including recreational vehicles and boats)
Profit and loss statements (if you own a business)
Your individual wills or joint will
It is crucial to think carefully about the matter of marital possessions. For example, if you own any collections of value – or any pieces of jewelry or art of value, you should let these assets fall through the cracks. If you cannot obtain the documentation you need, you can specifically request those documents during discovery. It is important to note here that, if your spouse is attempting to cheat you out of assets, the judge presiding over your case can consider this fact when ruling on the terms of your divorce.
Do Not Delay Consulting with an Experienced Killeen Divorce Attorney Today
Obtaining a just division of marital property is critical, and attorney Brett Pritchard at the Law Office of Brett H. Pritchard in Killeen, Texas, has impressive experience skillfully protecting the financial rights of clients like you. Your case is important, so please do not hesitate to contact us online or call us at (254) 781-4222 for more information today.