On behalf of The Law Offices of Mary Ann Beaty, PC posted in Divorce on Friday, February 19, 2016.
Nothing in divorce is easy, but the process of property division can be the most technically difficult. At the end of a marriage, the spouses must list all their assets and divide them according to Texas law. Some are harder to divide than others, depending upon such factors as the type of asset, or whether it was acquired during or before the marriage. Determining all this can take a lot of work.
Perhaps the best way to minimize the work in the process of property division is through a prenuptial or postnuptial agreement. For those couples who are not yet married, a prenuptial agreement can lay out in advance how the division will go for many types of assets. For those who are already married, a postnuptial agreement can define the terms of property division.
For those already divorcing, a postnuptial agreement won’t work, but there are other steps to consider. One of the most important is inventory. The parties must make a thorough inventory of every asset. If the parties have documentation showing when the asset was acquired, or showing that it should be considered separate from community property, this can help. Specifying whether these assets were acquired before or after the marriage can help pave the way for a smoother divorce.
Property division is often challenging. Ownership of marital properties is not always easily determined. The many intricacies involved in property division often require the help of an experienced professional. With legal guidance, couples can prepare and devise a means of protecting property during a divorce. After all, even if they disagree about how to divide assets, most divorcing would agree that it would be better to preserve as much of their overall wealth as possible.
Source: FindLaw, “Managing Marital Property: Do’s and Don’ts,” Accessed on February 16, 2016