An important component of every divorce is the division of your marital property. In Texas, marital property refers to those assets that you and your spouse acquired over the course of your married life (without regard to who made the purchase or whose name is on it). Upon divorce, these assets must be divided equitably – or fairly in relation to the given circumstances – which can become very complicated very quickly. There are, however, fix basic tips that can help you stay focused and move forward with purpose.
One: Have an Experienced Divorce Lawyer in Your Corner
When it comes to the division of your marital property, it’s important to put first things first and consult with an experienced lawyer who has the skill, drive, and legal insight to help protect your financial rights throughout the divorce process and to help you strategize for division terms that work for you.
Two: Make a Thorough Inventory
Before you can separate your marital property fairly, you need a complete inventory of what is involved. While this may seem obvious, you might be surprised how often divorcing spouses (or one divorcing spouse) have no idea regarding the extent of the assets involved. Putting together an inventory amounts to listing valuable items that you own and making copies of financial documents, including those pertaining to:
Your vehicles, including any recreational vehicles
Titles to any additional properties
Your financial portfolio (Protecting Your Financial Welfare During Divorce)
Items of considerable value
Keeping a master list of everything included can prevent headaches as your divorce moves forward.
Three: Obtain Valuations
Some marital assets are easy to put a value on. Your bank accounts are a case in point. Others, however, are less so. For example, you’ll likely need to have your home valued, and if you own a business, the matter is that much more complicated. In order to divide your assets equitably, you’ll need to know what they’re worth, and obtaining valuations from a reputable source can help nip potential future arguments in the bud.
Four: Identify Your Priorities
If you do not set your priorities regarding the division of your marital property, it can begin to feel like a free-for-all. Once you identify the asset or assets that matter most to you, it can help you strategize your approach to property division – instead of taking a less effective scattershot approach.
Five: Stay Calm and Focused
Divorce tends to be an emotional rollercoaster, but when it comes to the division of your marital property, it pays to remain as calm and focused as you can. When you allow your emotions to guide this numbers game, it is far easier to head off course.
An Experienced Killeen Divorce Attorney Can Help
Brett Pritchard at The Law Office of Brett H. Pritchard – proudly serving Killeen, Texas – is a practiced divorce attorney who is committed to employing his impressive experience in pursuit of your beneficial division of property. For more information, please do not hesitate to contact or call us at 254-501-4040 today.