Divorce can be a difficult and contentious process causing complicated feelings of anger, sadness and fear about the future, especially if you have children. That stress can be even more intense when it comes to dividing your marital assets.

Texas is a community property state, meaning all assets acquired by a couple during their marriage are split evenly in the event of death or divorce. However, some exceptions can be made for prenuptial agreements or other special considerations.

Three steps to help you prepare

While you may feel disoriented during a divorce, there are actions you can take to help you feel more in control and protect your financial well-being, including:

Inventory all property: Make a checklist of everything you and your spouse own and have documentation to back it up. These include:

  • Bank and investment accounts
  • All marital and non-marital property
  • Real estate deeds
  • Mortgage and loan documents
  • Wills or trusts
  • Insurance policies
  • Credit card accounts
  • Personal financial statements and balance sheets

Organize documents: Develop a logical system so you can provide these financial papers to your attorney or other advisors. You may want to group similar types of documents to make sure you supply all relevant information, which will help you receive your fair share.

Classify assets: Once you’ve located all property as well as the documentation, determine whether they are marital or non-marital possessions. Your attorney can help you label any assets that you may be unsure of how to classify under Texas laws.

Protect your future with knowledgeable legal advice

Understanding your financial situation is essential to having a favorable outcome in a divorce proceeding and protecting your future. An experienced family law attorney here in Williamson County who understands how the local court system works can guide you through the process and will aggressively represent your interests, whether it’s through negotiation or in front of a judge.