UPDATE: To avoid financial issues during divorce, spouses should take care when making any major decisions about money or property, including entering into any major transactions. To ensure that marital property can be fairly divided between spouses, the parties should fully disclose all relevant financial information related to their marital assets, as well as all forms of separate property. Spouses should not sell, give away, destroy, or otherwise dispose of any physical items, financial assets, or other forms of marital property. If a spouse does so, they could face consequences as described below.
Unfortunately, when a person commits fraud against their spouse, this may lead to the loss of assets, limiting the financial resources that are available during the property division process. To prevent this, a spouse may ask the court to issue a temporary financial restraining order. This type of court order will prevent both spouses from making any major financial transactions or taking any actions that could cause financial harm to their former partner. Spouses will be permitted to make regular expenditures to cover the costs of daily life, and as they work through the divorce process, they can ensure that the majority of their marital assets will not be affected, allowing them to reach a settlement that is fair and equitable for both parties. If you believe that a temporary restraining order is needed in your divorce, or if you need to address other complex property issues, an Austin divorce lawyer can provide you with legal help and representation.
When it comes to a high asset divorce in Texas, both parties need to take care when selling or disposing of anything that might be considered marital property. In other words, do not sell all of your jewelry or expensive electronics and keep the money hidden from your estranged spouse. If you do this, a court may consider such actions “fraudulent” and penalize you when making a final division of the marital estate.
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