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Finances must be fully disclosed during a divorce

On Behalf of | May 31, 2022 | Divorce

You tried your best to get the marriage back on track but this has simply become unrealistic. You’ve decided that a divorce is in the best interests of all parties.

During divorce negotiations, numerous assets have to be settled. If you have children ,then you and your spouse will have to negotiate custody rights and financial support. After that, you probably want to start thinking about property division.

Texas is a community property state, which means that assets acquired during the marriage are typically divided equally between spouses. For this system to work properly, the financial circumstances of both parties must be fully disclosed. If this doesn’t happen, it can make the divorce process much more complex. Outlined below are a few things to consider.

Have you been locked out of joint accounts?

During the marriage, you and your spouse played a joint role in managing your finances and overseeing business operations. You’ve tried to login to accounts recently and you cannot gain access. After contacting the bank, they’ve informed you that the passwords have all been changed. This could be a sign that your spouse is attempting to hide assets, and it is vital to deal with this promptly.

Transferring ownership of property

You’ve uncovered that your spouse has transferred property to their friends and family members, which seems highly unusual. Often, this is done in an attempt to hide assets from the courts. Once the divorce has reached its conclusion, your spouse may seek to regain ownership of the property and benefit fully from its value. You may be entitled to your share and it’s important that you raise any unusual activities with the courts.

If you suspect that your spouse is trying to hide assets, then it’s vital to bring this to light. Having a knowledgeable support network on your side will give you the best chance of doing this and obtaining your fair share after the divorce.