Protecting Assets Before Divorce in Texas
Marriage is more than a loving relationship. It’s a legally binding civil contract that defines what you and your partner own. During divorce, it’s natural to want to preserve as much of your combined assets as possible, particularly if you were the one who earned them. But what you see as moving to protect your assets before divorce might actually be breaking the law. So what can you legally do?
Start with a Divorce Attorney
Solid legal representation is the key to protecting assets in divorce. A good attorney is going to make the difference between getting a good outcome for yourself and being run over by the system. At Ramos Law Group, we specialize in representing divorcing men and women, helping them to preserve as much of their assets as possible during the divorce process. In your initial divorce consultation with us, we’ll explain how the divorce process works and tie it to your specific situation.
The Law Enforces Fair Play
You might be tempted to conceal joint assets in a private bank account, lend them to a friend to hold onto, or otherwise disburse of joint assets so that they can’t be part of proceedings if you see a divorce on the horizon. Don’t do it. If caught, the court can hold you accountable for that portion of the joint assets, and there are severe penalties for not disclosing your assets completely during the discovery process.
If you suspect your partner of behavior like this, your attorney can work to uncover anything they might have done and hold them accountable. They can also have a temporary order filed to limit this kind of activity during divorce proceedings.
If You’re the “Monied Partner”
If you’re the one in the marriage who makes most of the money or controls most of the assets, you’re probably worried that you’ll lose it all in the divorce.
The good news is that that’s not how the system works. Protecting assets before divorce is fairly easy so long as you have an experienced attorney. For one thing, the Texas Family Code is written to prevent lopsided outcomes, where one ex does all the work and the other gets a free ride. For another, the courts in Texas aren’t interested in picking sides in a divorce. Their only interest is to consider the circumstances of your marriage and divorce, and more or less divide up the assets in line with those circumstances.
If You’re the “More Dependent” Partner
On the other hand, if your partner is the one who makes most of the money in the marriage, divorce can be terrifying. You can bet they’ll have an attorney to help them keep as much of their money as possible, so the question of protecting assets in divorce for you becomes a matter of survival, like having a place to live and money for groceries.
The good news for you is that courts will rarely divide marital assets in a way that causes extreme hardship for either party. If you cannot currently provide for yourself, the court will very likely find you eligible for temporary spousal support and maintenance, giving you a cushion so that you’ll have a place to live while you reenter the workforce. Long-term spousal support or alimony involves separate qualifications for inclusion in the final decree of divorce.
High Net Worth Divorces
If yours is a high net worth household, it makes the whole process of protecting assets before divorce considerably more complicated from both a legal and financial aspect. We recommend you speak directly with a specialist high net worth attorney here at Ramos Law Group.
These attorneys are trained and experienced in the proper identification and handling of assets and will work closely with you through the discovery process and mediation to negotiate a favorable divorce settlement, and, if needed, to make the case for you at trial.
Protect Your Interests and Well-being Today
In all of these cases, the common factor in protecting assets before divorce is hiring an experienced and knowledgeable family law attorney.
Contact Ramos Law Group today to discuss your situation with a member of our legal team, and take the first steps to protect your property and yourself. Great service is our guarantee.