The all-too-familiar arrangement in which couples live separately while they are ‘informally divorced’ individuals has disastrous financial consequences. Typically, the separated couples are awaiting the formal, legal, and court-sanctioned divorce.
As experienced divorce and family law attorneys, we at the Jackson Law Firm, feel obliged to advise our clients that separating without the divorce formality poses grave monetary risks.
Do not put your Valuable Assets on the Line
Legally, the married people jointly own real estate property, cars, antiques, and money. Your spouse can spend or use the valuable assets, and you won’t have any control on how the separated marriage partner manages the matrimonial assets.
• You will not have the legal claim to half the shared matrimonial property without a divorce.
• No law court can grant your application to sub-divide assets.
• The separated spouse can hide or sell the assets and your right to the share of the financial proceeds is non-existent.
• The spouse can relocate to another state or country to buy time and only return when the applicable laws favoring you are time-barred.
• Your partner can dispose the marital assets and buy property which you have no right to.
The Death of the Separated Spouse
If one of the informally divorced partners passes on, you will face legal complications. In law, the surviving spouse may have the right to inherit all your finances, house, vehicles, and trusts although you had an irreparably fractured relationship for many years.
Why Live apart and Still Retain the Marriage?
Our professional advice is that if the husband or wife decides to end a marital union, live, and lead a separate life, you should seek a lawful separation. Divorce financial strategists share in our opinion.
Call our Jackson Law Firm divorce law experts if you would like a legally binding marital separation agreement that protects you in assets division, debts by the spouse, spousal support, child custody, child support, and visitation disputes.
The division of property is one of the most complicated parts of getting a divorce in Texas. The longer a marriage goes on, the more the spouses’ lives are emotionally and financially intertwined. For more information on our Property Division Attorney in Cedar Park, please visit our site.
The division of property is one of the most complicated parts of getting a divorce in Texas. The longer a marriage goes on, the more the spouses’ lives are emotionally and financially intertwined. Deciding who gets what is a great source of tension among divorcing spouses, and in some cases, the court has to make […]