Some residents of Texas may be interested to learn of a recent article discussing the advantages of preparing some aspects of a divorce ahead of time. More than 800,000 divorces are started every year in the United States, and one of the most difficult issues to decide is almost always asset division. Complex divorce cases often involve a prolonged series of asset valuations and reviews of property interests, in which one or both parties may find themselves being marginalized. In order to facilitate such procedures and perhaps prevent such animosity, the author presents five recommendations for possible courses of action to take before a divorce begins.
First, it is important to distinguish marital property from that which is solely owned. This can sometimes be more difficult than it appears, particularly after an especially long marriage. Second, people should document and even photograph their heirlooms and most important assets well in advance to have an established record of ownership to present to the court should the need arise. In addition, the author says that it is important to have separate accounts, both to show financial independence and simplify one’s financial statements. She also emphasizes the importance of creating financial disclosures ahead of time to have them ready if a court requests them. Lastly, since divorce can be one of the most important legal actions someone can take in their life, the author believes that finding a good attorney is paramount.
While property division may seem easy to some, its complexity can grow exponentially with each additional asset a couple accumulates throughout their marriage. High-profile couples in particular may encounter tremendous difficulties in this area, especially where offshore accounts, business assets and real estate property interests are involved.
Given the potential obstacles involved, it may prove beneficial for disputing former spouses to enlist the services of an attorney. In addition to aiding their asset division, an attorney may be able to act as a mediator and thereby allow each party to make their desires and interests known.
Source: Go Banking Rates, “How to Perfectly Plan Your Divorce to Protect Your Assets“, Amanda Garcia, January 08, 2014