As a community property state, you want to ensure that all marital property is properly accounted for in Texas.
Unfortunately, it is not uncommon for one spouse to engage in wasteful spending, potentially jeopardizing the distribution of marital assets. Understanding how this can happen and how to address it is important for safeguarding your financial future.
1. Excessive spending
One way a spouse may squander marital assets is by indulging in excessive spending. This could involve luxury purchases, lavish vacations or extravagant lifestyle upgrades. It is essential to keep a close eye on financial records and collect evidence of such spending, such as bank statements and credit card bills.
2. Selling assets at a loss
Another tactic is selling marital assets, such as real estate or investments, at a significantly reduced price. This not only reduces the overall value of the marital estate but also prevents the other spouse from receiving their fair share. To address this, gather evidence of the sale prices compared to the market value and present it during the divorce proceedings.
3. Destructive behavior
In some cases, a spouse may engage in destructive behavior, intentionally damaging valuable assets, such as cars, artwork or collectibles. To prove this, document the damage with photographs and obtain estimates for repairs or replacements. This evidence can help ensure that the responsible party gets held accountable for their actions.
4. Emptying joint accounts
Emptying joint bank accounts is another way to reduce available assets. If your spouse has withdrawn substantial amounts from these accounts, gather account statements and transaction records to demonstrate their actions.
While divorce is still common, with around 689,308 happening every year in the U.S., some come with the added stress of a disgruntled spouse. Presenting clear evidence of your spouse squandering your assets is key to securing a fair settlement.