While it is unfortunate, divorce cases in Texas are quite common. Divorce is a challenging process that can make both parties vulnerable and emotional. Separation is hard, and splitting assets that you collectively acquired is even more challenging. Even so, it is best if you don’t let emotions cloud your judgment, especially when it comes to the division of assets. All assets must get divided in an equal and satisfactory manner, which can be complicated during a no-contract divorce.
What is a no-contract divorce?
A no-contract divorce means that no formal documentation has been put in place as to how you will divide up property in case of separation or divorce. Formal documentation entails signing prenuptial and postnuptial agreements.
What to do to prepare for a no-contract divorce
Even without these agreements in place, there are things that couples can do to help with the division of assets in case of divorce. Here are some ways that you can ensure a smooth, fair division of assets during the process:
- Separate your pre- and post-marital finances
Before marriage, having such kinds of conversations may be hard for both of you. Nevertheless, they are necessary. Separating your pre- and post-marital finances makes it easier to divide your assets in case of a divorce. Any debts you owed before marriage will not affect your spouse’s assets. Additionally, any money you saved before marriage will be exempt from division.
- Protect individual business and real estate investments
Ensure you protect your businesses and real estate investments. Avoid putting the name of your spouse on such assets, especially if you purchased them alone. If at one point you wish to gift them such properties, write this down on paper.
- Have a record of all essential accounts
Seek valuation of all your retirement, bank and business accounts. A clear record of these accounts will make it easier for a court of law to determine how much money was amassed during the marriage. Any money you made before marriage and during the separation period may be exempt from division. It will also help the judge know how to divide these monies.
Seeking help during divorce
Trying to divide marital assets during a divorce is difficult to do on your own. If you don’t have a plan in place, it may be wise to work with an attorney. An experienced family law attorney can help ensure a fair division of assets during divorce.