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Protecting your wealth during divorce

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Protecting your wealth during divorce

| Sep 4, 2019 | Firm News |

You have likely spent many years of sacrifice to attain your wealth. If you are facing a divorce, you may be worried that what you have worked for is going to be unjustly taken away. If you are worried about getting an unfair outcome in a divorce settlement, you must take action early on in the process to understand your legal rights.

In Texas, community property law is recognized. This means that as a general rule, all marital property is subject to a 50/50 split between spouses. However, the courts in Texas seek to divide property fairly between spouses, accounting for the children in the family, too. The following are things that you should consider when fighting to protect your wealth in a divorce.

Prenuptial and postnuptial agreements can make otherwise complex divorces stress-free

If you already have a prenuptial agreement in place, you should start the task of making sure the agreement protects your current interests and that it is fully enforced. If you do not have a prenuptial agreement in place, you may want to consider drafting a postnuptial agreement. Doing so could benefit both spouses because it will help avoid the complex asset division process and save the costs associated with a contested divorce.

You should establish what is classified as separate property

Depending on how long you have been married and at what point in your life you acquired much of your wealth, you may find that a significant portion of your assets are not considered to be marital assets. This means that they are classified as separate property that you own, and they will not be subject to division.

Before going to extreme measures to protect your wealth, start by establishing what is and is not subject to division. By doing so, you will have a better overview of what is at stake, enabling you to take the appropriate next steps.

If you are facing a divorce in Texas, you should not waste time in taking action to protect your wealth. By understanding the intricacies of the law and devising a lucrative strategy, you will likely be successful in your endeavors.