Protecting Your Assets in a Texas Divorce: What You Need to Know

14 Apr Protecting Your Assets in a Texas Divorce: What You Need to Know

Divorce can be a stressful and emotional process, especially when it comes to dividing assets. In Texas, community property laws dictate that most property acquired during a marriage is owned equally by both spouses. However, there are steps you can take to protect your assets during a divorce.

Pre-Marital Agreement

One of the most effective ways to protect your assets is to create a pre-marital agreement before you get married. This legal document outlines how property will be divided in the event of a divorce, and can also include provisions for spousal support. Both parties must agree to the terms of the agreement and sign it in front of a notary public.

Post-Marital Agreement

If you didn’t create a pre-marital agreement before getting married, you can still protect your assets with a post-marital agreement. This document is similar to a pre-marital agreement but is created after the marriage has already taken place. Like a pre-marital agreement, both parties must agree to the terms and sign in front of a notary public.

Separate Property

In Texas, property acquired before marriage, by gift, or through inheritance is considered separate property and is not subject to division during a divorce. However, it’s important to keep separate property separate and not commingle it with community property. For example, if you inherit money from a family member, depositing it into a joint account with your spouse could potentially turn it into community property.

Business Interests

If you own a business, it’s important to take steps to protect your interests during a divorce. You may need to have a professional business valuation done to determine its value. You may also consider a buy-sell agreement or other legal documents to protect the business in the event of a divorce.

Hire an Experienced Attorney

If you’re going through a divorce, it’s important to hire an experienced family law attorney who can help protect your assets. An attorney can help you understand your legal rights and options and can work to negotiate a fair settlement that protects your interests. They can also help you navigate complex issues, such as business valuations and property division.

Conclusion

Divorce can be a difficult process, but taking steps to protect your assets can make it easier. Whether creating a pre-marital or post-marital agreement, keeping separate property separate, or taking steps to protect your business interests, there are many ways to safeguard your assets during a divorce. If you have questions or concerns about protecting your assets during a divorce in Texas, our seasoned Dallas Fort Worth attorneys are here to help. Our office is in Denton, but we serve Dallas Fort Worth and the surrounding communities. Contact us today to set up your free confidential consultation.