When Texas residents are beginning the divorce process, care should be taken to ensure that they get their fair share of marital assets. There are some techniques for uncovering any assets hidden by the other spouse that may be useful. Hiding assets is a common way for a spouse to increase the amount of community property they leave the marriage with. There are a few ways to conceal cash and property that should be investigated. When one spouse owns a business, they could be using that business to hide some assets. This could be in the form of "off the books" payments, a retirement account that isn't being disclosed or even real property that they haven't told their significant other about.
While many Texas families believe that a pet that has lived with them for many years is a member of the family, courts do not often follow this thinking. Instead, divorce courts treat pets like they are pieces of property, like a couch or car.
Texas residents who are in the process of divorcing may be interested in how the divorce will impact their tax situation. A divorce can change a person's income, assets, debts and even name, so it is little surprise that it can significantly affect one's taxes. Individuals who have recently finalized a divorce are advised to carefully review their situation and account for all necessary changes.
Texas readers who are considering divorce may wish to organize their financial lives before making any other moves. Years of shared finances may create some surprises as the divorce process begins, so it may be in the best interests of both parties to carefully organize before formally initiating the proceedings.