The property division process in your divorce may be the largest financial transaction of your life. The outcome can shape your financial well-being for years to come, and if you’re not careful, you may be left without the resources that you need. If you’re older, a poor property division outcome can also leave you unable to replenish your retirement savings. With so much on the line, then, you owe it to yourself to enter the process with a well thought out and aggressive legal strategy.
Keep in mind that Texas’ community property law requires equal division of the marital estate. Even with that being the case, there are still ways to negotiate a fair, favorable, and perhaps not even equal distribution. So, what can you do to achieve that outcome?
Tips for developing a favorable division strategy in your divorce
You shouldn’t make up your legal strategy on the fly, especially when it comes to property division. Instead, you should consider doing each of the following so that you position yourself for the favorable outcome you deserve:
- Consider individual circumstances: If you want to convince your spouse and the judge to see property division as you do, then you should ensure that your plan speaks to your and your spouse’s individual circumstances. Looking at contributions made during the marriage as well as who accumulated marital debts can help steer you here.
- Conduct a full and accurate inventory: You don’t know what’s on the table when it comes to property division unless you have a firm understanding of which assets are in the marital estate. So, look at everything you and your spouse possess and consider whether any of it can be considered individually owned, such as inheritances that weren’t commingled with marital assets. Also, think about whether your spouse has hidden assets from you or squandered marital wealth. If so, be sure to raise the issue so that you can be compensated fairly.
- Think about your long-term needs: When you’re in the midst of divorce, it’s easy to think about what you need to establish yourself once your divorce is finalized. That might drive you to fight for large assets like the family home or valuable pieces of personal property. But you shouldn’t necessarily give up retirement assets to acquire that property. After all, you need to think about your long-term financial positioning. If you don’t, then you could be at a financial disadvantage once your divorce is finalized.
- Obtain proper valuations: It can be hard to figure out a fair division scheme when you don’t know what your assets are worth. Sure, looking at how much money is in the bank is easy enough, but what about the value of your home, a family business, heirloom jewelry, and artwork? The value of some of these assets can be more subjective, making it challenging to figure out how to divide them. But you can take some of the guesswork out by having those assets valuated by a professional.
Don’t lose out in your property division
Given the intricacies involved in the property division process, it can be easy to make a seemingly minor mistake that turns out to have devastating consequences. But you can reduce the risk of that happening to you by diligently thinking through the process and what you want out of it, then crafting the legal strategy that aggressively aims to get you there.