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Protecting Your Equity in Texas Divorce Property Settlements

 Posted on October 19, 2023 in Property Division

Frisco divorce lawyerSplitting up property during a divorce can be tricky. The law aims for equitable division, but high emotions can complicate things. Spouses may hide assets, undervalue the family home, get sneaky with retirement accounts, or do something else they legally should not be doing. So, how do you protect what is rightfully yours? How do you know if they could be hiding assets or something else? A Texas lawyer can help you through this.

Understanding Community Property Rules

In Texas, community property laws govern divorce asset division. Marital property acquired during the marriage is jointly owned. This commonly includes:

  • Earnings, income, stock options from employment
  • Real estate like the marital home or investment properties
  • Vehicles, jewelry, art, and collectibles purchased while married
  • Retirement accounts like 401(k)s funded during marriage
  • Joint bank accounts and investments

Debts taken on jointly during marriage are also classified as communal liabilities. Separate property owned before marriage or received individually as gifts or inheritance remains individual.

Securing Financial Transparency

Getting full disclosure of all marital assets and debts is critical for equitable division. Use discovery to request details on property, accounts, businesses, valuables, and obligations. This can reveal any inappropriate hiding of assets.

Verify disclosures by legally subpoenaing financial institutions, IRS records, employers, partners, and creditors. Leave no stone unturned through rigorous fact-finding. Do not allow deception to deprive you of lawful equity.

Obtaining Objective Valuations

Suppose disputes arise over property valuations. In that case, you should secure independent appraisals. Impartial market valuations prevent manipulation of the marital home’s worth, vehicle values, jewelry, art, or other valuables.

If relevant, you can work with business valuation experts. Do not let unfair devaluations deprive you of the assets you are rightfully owed.

Staying Calm but Assertive

Emotions understandably run high during such a complex process. Yet staying focused, informed, and assertive about your rights enables wise decisions, not reactions. You can navigate the process more efficiently with a calm mind but vigorous preparedness.

Contact a Frisco, TX Divorce Attorney

A divorce can be a complex and rocky journey. You deserve to go through it as easily as possible and ensure you are getting a fair share of your assets. Working with a Collin County, TX divorce lawyer can help ensure you go after everything you are entitled to. Call The Law Office of Linda Risinger at 972-294-6533 for a free consultation to get started so you can start to have more peace of mind.

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