Many aspects of divorce are stressful, but property division often stands out as one of the more nerve-racking processes. Preparation can go a long way when it comes to divvying up your assets and debts while ending your marriage. Dividing property can quickly become a hostile process, but it does not have to be that way.
You may be able to split assets and liabilities more smoothly if you plan ahead. Here are a few simple property division tips it could be worth keeping in mind as you move forward with your divorce.
1. Understand community property
Texas is a community property state. So, what qualifies as community property and what is separate property can be an incredibly important issue when it comes to property division matters in the state. Many things could have impacts on this front. Assets acquired before marriage or received through an inheritance specifically for one spouse are typically considered separate property and thus might not be subject to division.
2. Be honest about your finances
Before you start negotiating who gets what, both of you need to provide a clear picture of your marital estate. Your financial declaration needs to be as accurate as possible. Failure to reveal important assets will only hurt the entire process. Do not attempt to hide assets because you may experience financial punishment for it.
3. Do not sweat the small stuff
According to LiveAbout, you should avoid arguing over minor items during the property division process. A piece of inexpensive art or your favorite couch is not worth spending thousands of dollars over. Avoid fighting over items out of spite or principle. It could be better to stick to the bigger assets, such as the home, retirement accounts and business income.
Dividing community property may seem like a never-ending and intimidating process, but with some preparation, you could get through it more quickly and amicably than you think.