People preparing for divorce are often relatively anxious about the future, especially when thinking about their finances. Many people have heard stories of one person losing most of their assets because of divorce. Married couples often share most of their valuable assets, including their financial investments and their homes.
People frequently struggle to understand what the community property statutes in Texas might mean for their finances if they decide to divorce. Some people delay divorce for months or even years because they feel anxious about the need to split their resources with their spouses.
If people learn about their rights and protections during property division proceedings, they may feel more confident about the decision to file for divorce. What rights do spouses have during the asset distribution process?
The right to accurate information
Each spouse typically has the right to request household financial records and financial disclosures from the other spouse. Information related to debt, income and personal assets can help people determine a fair and appropriate way to divide their property when they divorce. Particularly if the case must go in front of a judge, each spouse typically has a right to financial discovery before court proceedings.
The right to a fair outcome
Many people oversimplify the rules that apply to marital property in a Texas divorce. Contrary to what people sometimes claim, community property rules do not automatically entitle either spouse to an even split of the marital assets.
Instead, a judge should focus on setting fair terms based on marital circumstances. They may start with the assumption that an even split is fair. However, both spouses have the right to present financial information to the courts that could convince a judge to deviate from a 50/50 distribution of property.
Particularly in cases where people are unfamiliar with the marital estate or worry that their spouses may engage in financial misconduct, they may need help learning more about their rights and protections during property division. They may need help asserting themselves, setting goals and navigating the legal process.
Discussing personal resources and the possibility of divorce with a family law attorney can help people understand their options and plan an appropriate strategy for an upcoming Texas divorce. Property division matters during a divorce often require careful attention to detail to ensure a fair outcome.