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Most assets are not off-limits for division in a divorce

| Aug 15, 2013 | Divorce |

Women in Texas going through a divorce may not automatically receive spousal support or get everything in the formerly shared house. Experts say, however, that soon-to-be ex-wives are entitled to a share of all assets, including those their ex-husbands might want to hide. They stress the importance of working with a legal professional during the process of property division rather than trusting the word of a former spouse.

One example of an area where a wife might assume she is not entitled to a share of the husband’s wealth is his 401(k) retirement plan. A soon-to-be-ex-husband may try to convince his divorce partner that a retirement plan, stock options and other like assets can’t be divided with the wife. A reason given might be that they are legally his because those assets are part of his job and have nothing to do with his marriage. This, however, is not true. A lawyer may be essential in helping a divorcing spouse get everything she is entitled to, including assets with only his name on the paperwork.

In fact, the only property than cannot be divided in a divorce settlement is property owned by just one spouse before the marriage; an inheritance or lawsuit settlement not merged into marital assets; a gift to just one spouse; and property set aside as separate under a prenuptial agreement. Everything else, legal experts say, is on the table in a marital dissolution.

No matter the amount of asset division needed in a Texas divorce, an attorney experienced in complex asset division and property interests may be able to help clients claim everything they are entitled to. Such a lawyer may be able to help divide real estate, retirement plans and the contents of offshore accounts.

Source: Forbes, “Divorcing Women: The Truth About Your Husband’s 401(k)“, Jeff Landers, August 08, 2013

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