The Collin County Law Group
Don’t Count on Your Spouse when Counting Assets
A good chunk of Americans are hiding some facet of their finances from their partner. From the sneaky to the downright criminal, assets that go uncovered or undervalued during your divorce could end up costing you.
Over 40% of Americans could be concealing money from their significant other. This can range from covering minor spending habits to out-right lying about debts or stashed wealth. Since Texas will likely grant a share of the marital assets in your divorce proceedings, you’re going to want to get everything on the table.
You can help make sure you get the share of assets you deserve by ensuring the list is complete, and values are correct:
- Business worth: If there’s a business involved, it’s likely a big chunk of your family’s assets. But income and spreadsheets may not show the whole story. A company could have many diverse holdings, expensive infrastructures and deals still waiting in the wings that may contribute to valuations. Outside of ownership, even a salaried employee can have complicated assets, like employee benefits and shares in a company.
- Retirement funds: You may get some of the money your spouse set aside for retirement, regardless if they’re still in the workforce when you divorce. Whatever amount found its way into that account, and what value it gained during your marriage could all enter into the equation of what they owe you. Employee pensions, 401(k) plans and IRAs could fall into the shared category.
- Physical goods: Not all value is a number somewhere. Make sure you leave no stone unturned, from safety deposit boxes to toys in the garage, and get a price tag for anything you find. From cash hiding in a safe to the boat in storage, you’ll want to know just how much it boosts the final amount. Even your house could be up for division, so you’ll want to make sure you know just how much it’s worth.
Texas law aims to give you a cut of the property you and your partner gained during your marriage. Make sure everything is present and accounted for, and you could get your rightful cut when the process is complete.