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Why divorce is a big financial risk

| May 28, 2020 | Family Law

If you earn less than your spouse and you’re considering filing for divorce, making this decision is a scary one. You’ve become accustomed to living the lifestyle that you currently enjoy. While you want to give up your relationship, you don’t want to part with your lifestyle.

It’s true that divorce is one of the biggest financial risks that a person can take. In fact, the more assets you own as a couple, the more there is to lose. If you believe that your spouse may become vengeful when they learn that you intend to divorce them, it’s important that you act swiftly to understand how the law applies to you and how you can develop a strong divorce strategy.

The financial risks at divorce

Essentially, the financial risks come from the possibility that your spouse will be able to walk away with the lion’s share of the marital assets, and that you’ll be unable to support yourself financially.

How can divorce tactics help to stop these eventualities from occurring?

In Texas, community property is recognized. This is good news for spouses who earn less: it will mean that they will be entitled to 50% of the marital assets regardless of the circumstances surrounding the marriage and divorce. However, it’s important to ensure that your spouse is not hiding any marital assets in offshore accounts. Not only is this unlawful, but it could prevent you from gaining the divorce settlement that you are entitled to.

If you are considering filing for a divorce in Texas, make sure that you are fully aware of your rights to your share of the marital assets and that you understand your ability to receive spousal support.