The Financial Steps You Can Take that Can Backfire in Divorce Proceedings
You may think that adultery is the primary cause in most divorce proceedings, but that’s not necessarily the case. In Texas, as in other states, financial misconduct is also a common factor in divorce and can be highly problematic when brought to the attention of the court.
The Common Reasons for Divorce in Texas and across the United States
A recent survey of independent Certified Divorce Financial Analysts across the country found that, while adultery was cited in nearly one of every three divorce complaints (28%), nearly as many (22%) listed financial or money issues as the determining factor.
What Are the Common Types of Financial Misconduct in Divorce Proceedings in Texas?
In Texas, as in all states, the courts are concerned with maximizing fairness in all matters related to marital property and marital finances. Accordingly, evidence of activities that seek to benefit one spouse at the expense of the other will likely have a negative impact on your result. Among the most common examples of financial impropriety or misconduct are:
- Efforts to conceal income, assets or debt, including attempts to minimize the value of business interests, as well as the creation or use of hidden accounts
- Evidence of the use of or dissipation of marital assets for personal gain, such as amounts spent on an extramarital affair or on personal items not disclosed to or discussed with the other spouse
- Falsification of any financial document or record
What Are the Potential Consequences of Financial Misconduct in a Texas Divorce?
Financial wrongdoing can have a direct impact on the court’s allocation of marital debts and assets. In addition, a party who lies or makes financial misrepresentations to the court may face contempt proceedings.
Contact DTX Family Law for Sound Advice Regarding Financial Matters in a Texas Divorce
At DTX Family Law, we built our reputation and practice by focusing on the needs and best interests of our clients. We have an extensive knowledge and understanding of Texas divorce laws and procedures, including any issues related to college funding in a divorce proceeding. We’ll carefully explain your rights and options, as well as your chances of success, so that you can make good decisions for you and your family. Chrysandra is board-certified by the Texas Board of Legal Specialization, an honor earned by less than one of every ten family law attorneys in the state. To schedule an appointment with a proven and effective Texas family lawyer, visit our website or call our offices at 940-566-0606.
Handling Divorce and Family Law Matters throughout Denton and the surrounding communities, including Denton, Collin, Wise, Tarrant and Cooke counties and the municipalities of Keller, Euless, Hurst, Colleyville, Bedford, Crowley, Lake Worth, Benbrook, Haslet, Saginaw, Watauga, Richland Hills, White Settlement, River Oaks, Forest Hill, Kennedale, Westover Hills, Lakeside, Pelican Bay and North Richland Hills