From child custody, child support, spousal support and property division, divorce comes with multiple components. And pretty much each of these components can be heavily contested. According to Texas’ property division laws, any property or debt acquired by either spouse during the marriage is deemed to be community property and subject to division.
But property division can be quite complicated, especially if you did not sign a prenup prior to your marriage. There is plenty of room for error. If you are not careful, you could leave the marriage without your fair share of the marital property.
Here are property division mistakes you want to avoid:
1. Letting your emotions get the better of you
Divorce is stressful, make no mistake. As such, it’s not uncommon to want to get done with your divorce as quickly as possible. But this can expose you to a myriad of mistakes.
Don’t let your attachment to certain pieces of property cloud your judgment and lead to rash decisions while dividing marital assets. Take a measured approach and look at the cold financial pros and cons of each decision you make during this process.
2. Trying to hide assets
This is a common mistake You might be tempted to withhold certain assets or fail to make full disclosure of what you own and owe, especially if you were the sole provider for the household. Hiding marital property, however, can lead to sanctions from the court. You could end up losing most or all of everything you attempt to conceal.
Protecting your interests
Divorce can be emotionally draining. Learning more about how to navigate the property division process can help you avoid errors that can cost you.