Preparing for a Texas Divorce: Assets
Going through a Divorce is painful no matter what the circumstances are. Before you get into the Texas Divorce Process, reduce expense, stress and conflict by making sure you are financially prepared. Planning ahead helps you in making sound decisions, start preparing for post-divorce life, and avoid many post-divorce pitfalls. Below is a list of items you need to gather before counseling with an attorney. Financial Documents are a must to show what your true assets and liabilities are in your marriage.
We have included many assets that you may or may not have. This is only a financial checklist of multiple assets for your review so you will not miss an important asset that needs to be reported.
1. Tax Returns (at least three years) or Tax Liens and all IRS related documents
2. Wills and Trusts with all attachments reflecting corpus and trust holdings
3. Listing of all liabilities (including mortgages, credit card debt, personal loans, automobile loans, etc.):
—Name of entity, address and telephone number
—Property securing payment (if any)
—Most current statements and account status of lenders
4. A Listing of all Real Property, address and location, including (includes time-shares and vacation properties):
–Deeds of Trust
—Notes including equity loans and second liens
—Mortgage Companies and Loan Servicers (Name, Address, Telephone Number, Account —Number, Balance of Note, Monthly Payments)
—Current fair market value
5. Motor Vehicles (including mobile homes, boats, trailers, motorcycles, recreational vehicles; exclude company owned):
—Name on title
—Fair Market Value
—Name of creditor (if any), address and telephone
—Persons listed on debt
—Balance of any loan and monthly payment
—Net Equity in vehicle
6. Cash and accounts with financial institutions (checking, savings, commercial bank accounts, credit union funds, IRA’s, CD’s, 401K’s, pension plans and any other form of retirement accounts):
—Name of institution, address and telephone number
—Amount in institution on date of marriage
—Amount in institution currently
—Names on Account
—Company loans and documents related to benefits
7. A listing of separate property (property owned prior to marriage, family heirlooms, property gifted, inherited property):
—Records that trace your separate property. These assets will remain yours if properly documented
8. Retirement & Pension Benefits:
—Exact name of plan
—Address of plan administrator
—Starting date of contributions
—Amount currently in account
—Balance of any loan against plan
9. Publicly traded stock, bonds and other securities (including securities not in a brokerage, mutual fund, or retirement account):
—Number of shares
—Type of securities
—In possession of
—Name of exchange which listed
—Pledged as collateral?
—Current market value
—If stock (date option granted, number of shares and value per share)
—Stock options plans and related documents
10. Insurance and Annuities Policies and Inventory:
—Name of insurance company
—Type of insurance (whole/term/universal)
—Amount of monthly premiums
—Date of Issue
—Cash surrender value
—Current surrender value
—Other policies and amendments
11. Closely held business interests:
—Name of business
—Type of business
—% of ownership
—Number of shares owned if applicable
–Value of shares
—Balance of accounts receivables
—Cash flow reports
—Balance of liabilities
—List of company assets
—Possible hobbies or side businesses that generate income
12. Mineral Interests (include any property in which you own the mineral estate, separate and apart from the surface estate, such as oil and gas leases; also include royalty interests, working interests, and producing and non-producing oil and gas wells:
—Name of mineral interest
—Type of interest
—County of location
—Name of producer/operator
—Current market value
—needs leases or production documents related to the asset
13. Money owed by spouse (including any expected federal or state income tax refund but not including receivables connected with any business)
14. Household furniture, furnishings and Fixtures
—purchase receipts and documents
15. Electronics and computers including software and hard drive
16. Antiques, artwork and collectibles (including works of art, paintings, tapestry, rugs, crystal, coin or stamp collections) Other large collections need to be appraised! (Guns, quilts, action figures, books)
17. Miscellaneous sporting goods and firearms
18. Jewelry including appraisals
19. Animals and livestock
20. Farming equipment
21. Club Memberships
22. Safe deposit box items
23. Burial plots including documents of ownership
24. Items in any storage facility
25. Travel Awards Benefits (including frequent flyer miles)
Father’s Access and Possession of Their Children: A Father’s Absence can be Disastrous to his Children’s Lives
There is now a discernible shift in the United States concerning Fathers Rights. A new legal awareness in many state family courts is leaning towards both parents need to be involved in raising a normal loving child. Mom and Dad may not be able to live as a couple, but the child deserves to have both parents in his/her life. Many legal professionals in the United States are working on changing old antiquated strict ideas on the parental foundation structure of the family. Ideas on raising children, even in a broken family, need to include both Dad and Mom.
According to the National Center for Fathering, “More than 20 million children live in a home without the physical presence of a father. Millions more have dads who are physically present, but emotionally absent. If it were classified as a disease, fatherlessness would be an epidemic worthy of attention as a national emergency.”
“Psychology Today” researchers have found this statement to be true. The results of father absence in their children’s lives can be disastrous. Specific behavior for many of these children are:
- Children’s diminished self-concept, and compromised physical and emotional security
- Behavioral problems (fatherless children have more difficulties with social adjustment, and are more likely to report problems with friendships, and manifest behavior problems)
- Truancy and poor academic performance (71% of high school dropouts are fatherless; fatherless children have more trouble academically, scoring poorly on tests of reading, mathematics, and thinking skills.
- Delinquency and youth crime, including violent crime (85% of youth in prison have an absent father; fatherless children are more likely to offend and go to jail as adults)
- Promiscuity and teen pregnancy
- Drug and alcohol abuse
- Homelessness (90% of runaway children have an absent father)
- Exploitation, A, and emotional maltreatment
- Physical health problems and Mental health disorders
- Life chances and future relationships
- Mortality (fatherless children are more likely to die as children, and live an average of four years less over the lifespan)
“When fathers are actively involved with their children, children do better, states Dr. Paul Amato, noted parent-child relationship sociologist at Pennsylvania State University. “Research suggests that fathers are very important for a child’s development”. The “Fathers Effect” is the term for the benefits of the paternal presence. These effects are numerous when fathers actively participate in family life. Minimum time must be spent together, but quality of time is more important than quantity of time”.
Fatherhood trends in America are changing! With the increase in the number of mothers who have now entered the job market, more fathers have started taking a more active role in caring for their children as single fathers are significantly growing in numbers. Pew Research has come out with new facts on American Dads and here are their key findings:
- More dads are staying home to care for their children
- 57% of fathers see parenting as central to their identity with 54% find parenting rewarding all the time.
- Work-family balance is a challenge to balance work and family life. 52% of working dads say it is very or somewhat difficult to do so.
- 74% of men face major pressure to support their families financially, while 49% face pressure to be involved parents.
- It has become less common for dads to be the family’s sole breadwinner.
- Fathers are much more involved in childcare. But in caregiving mothers are still view as the primary parent.
- 63% of fathers still feel they spend too little time with their children usually because of work obligations.
In the future it may be possible for 50/50 joint custody and co-parenting with both parents to be the legal presumption and the norm for presumed access and possession of Divorce or Mediation Orders. Divorce is never blameless, but raising a child is where parents must raise above their personal feelings and think of what is best for the child.
Nacol Law Firm P.C.
Fathers Rights Attorneys
The U.S. Air Force has recently announced a new initiative making it easier for their Airmen and Women, the ability to defer an assignment or be stationed near their children with a court-ordered child custody decree. Assignment authorities will now be able to consider requests for an assignment or deferment to a location near their children, even if the co-parents are not married.
“We recognize family dynamics don’t always look the same and there is not a one-size-fits-all solution to managing people’s careers and assignments,” said Lt. Gen. Brian T. Kelly, deputy chief of staff for Manpower, Personnel and Services. “We ask our people to move frequently and we know that can cause additional stress and sacrifices for their families. This change gives us the flexibility needed to better take care of them.”
Service members who are named as a parent, either biological or adopted, and have a court-ordered child custody agreement are eligible to apply. Assignment matches will be made when possible. It must meet the best needs of the Department of the Air Force. Service members are still required to fill valid manning requirements, perform the duties in which they are trained, and meet all PCS eligibility requirements without waivers.
Nacol Law Firm PC
The year of 2020 will go down in history as the year Covid-19 Virus hit the world bringing serious illness and death, changing our normal way of life to mandatory quarantines of people at home or in place. Social and monetary upheavals have occurred since most of the population in the United States either now work from their home or have been furloughed from their jobs until the virus scare has subsided. This Virus has affected everyone in the United States and the World, and we are now being warned that our “Normal Way of Life” may not return until sometime in the future.
It is very important to set up a survival plan for any young family should either Mom or Dad die at an age where the children are still home and in need of support until they finish school or reach maturity.
You and your spouse/partner should discuss a financial plan that would protect your family in case of early death or total disability by either yourself or your spouse. Other times that are good to put a plan into place are during a pregnancy or when getting a divorce.
Here are some basic ideas to consider in a Family Financial Protection Plan:
- THE WILL: The will is the most important item in your Family Financial Protection Plan. By creating a WILL, you MAY ENSURE THAT YOUR ASSETS ARE INHERITED BY THE PEOPLE OF YOUR CHOOSING (YOUR FAMILY) RATHER THAN THE STATE’S IDEA OF WHAT IS PROPER. TO DIE WITHOUT A WILL IS TO DIE “INTESTATE”. This means that the State (Texas) will determine the percentage of property that each family member will inherit after the death. The process of administering an estate through probate court can take months or longer once a judge appoints an executor to take over the deceased’s financial affairs. During this time, the family may not have access to money left to them to pay the family bills from this estate. BIG PROBLEM!
After having a Will for both spouses/partners of the family executed make sure that an original copy is left with your attorney for safekeeping. Very Important! Have another original copy of your Will in a secure place where the executor or a family member will be able to retrieve it at the time of your death.
- POWER OF ATTORNEY AND PROXIES: At the time of making out your will, make sure both parents have a Health Care Advance Directive and a Living Will prepared and executed. You need to designate a first and second choice of a person over 18 years of age to be your proxy. Your Living Will is your intention for end of life care, such as when to have your doctors withhold treatment and let you pass or if you would like to be an organ donor. It is very important that these documents are with your Will and accessible to your proxies, since many times, if there is a serious accident or medical emergency, you or your spouse will not be able to make serious medical decisions regarding your life or death.
- BENEFICIARIES: When you meet someone, marry, or join in a domestic union, it is important that as to any financial accounts you have (bank account, retirement fund, 401K, trust fund, stocks bonds), you should change the beneficiary to your spouse/partner. It is also a good idea to have a second beneficiary, either a child or family trust, in case you and your spouse/partner were both in an accident and die. If your children are young do not make your beneficiary a guardian who promises to take care of your children. Set up a family trust which will support your children and a trusted trustee for the trust.
- GUARDIANSHIP: Another very important item in your will for parents of minor children under 18 years old is APPOINTING A GUARDIAN IN YOUR WILL FOR RAISING YOUR CHILDREN. There should be a mutual joint decision on who will take care of the children if both you and your spouse/partner are deceased. By setting up this preference in your will, the proceeding judge will usually honor your request when setting up a guardian for your children.
- INSURANCE: Life Insurance may be costly, but it ensures that if you or your spouse/partner dies young, the surviving spouse/partner will be able to have the physical means to allow a slowdown working a job to take care of your young family without financial worries. It is always suggested that you start an insurance policy on both parents when they are young and healthy to keep costs at a manageable amount. Many companies also offer disability insurance to replace a percentage of salary if an employee becomes incapacitated. Long-Term- Care Insurance is also an option.
Finally make sure that all important financial and personal documents are always kept up to date and located in a secure place where they can be found in case of emergency or death! Some of the most important documents: bank and financial institution accounts, insurance information, credit cards, retirement account with beneficiary information, bills and list of bills on autopay monthly, deed of house, title to cars, boats or etc., and safety deposit key.
*Always have an updated list of online accounts, passwords, and credentials to any cryptocurrency wallets.
Nacol Law Firm PC
8144 Walnut Hill Lane #1190
Dallas, Texas 75231
tel: 972 690-3333
You are finally divorced from your Narcissistic Spouse! Now you are embarking on your new family situation with your Narcissist Ex: Co- Parenting! You are probably wondering how you became the lucky person who gets to experience this mind-altering situation along with other people you love the most: your children!
Let’s review what is Narcissistic Personality Disorder or ‘NPD”? It is a mental disorder where the person has a very transparent and superficial inflated self-esteem and neurotic needs for admiration and special treatment from other people. Typical arrogant behavior and lack of empathy for other people causes many problems in all emotional areas of their lives and relationships. Narcissists are usually very aggressive with impulsive tendencies, dangerous lifestyles involving cockiness, selfishness, manipulation and power motives. These individuals may appear as very exciting personalities at first meeting, but at the end of the day are unfulfilling and destructive. This false sense of entitlement produces a feeling that causes them to punish those who do not provide their required respect, admiration, or attention.
One of the biggest personal disappointments in Co-Parenting with your Narcissistic Ex is that often you are as unsuccessful as you were in marriage with the ex-spouse.
Children cannot and do not offer the continuous positive feedback narcissist parents crave and the parent will often react in one of two ways. W. Keith Campbell, an expert on narcissism and professor of psychology at The University of Georgia, offers that “some lose interest in their children entirely and look for other sources of validation”. “Others view their children as a reflection of themselves and become hyper-involved and controlling. Disconnection is the key, even an overly narcissistic parent is emotionally detached and lacks warmth.”
Eminent psychologist E. Mavis Hetherington In her landmark book, For Better or For Worse, highlights the results of her study of 1,400 families and the importance of examining the type of conflict children experience. She notes high conflict that involves the child is physically violence, threatening or abusive conduct and conflict in which the child feels caught in the middle, causing the most adverse consequences for children. These effects include anxiety, depression, and low self-esteem.
Some Strategies when dealing with Co-Parenting with your Narcissist Ex
- Limit your contact with your Ex. Contact should only involve information or issues concerning your children. Email or Text as much as possible. When you have the child, make the rule, “Unless an emergency, no contact will be made verbally until the child goes with the other parent. Try not to talk directly to the other parent when the children are present.
- Don’t Respond immediately or to everything (Hold that trigger response when children are present!) Also commit to a 24-hour turn around on all communications to and from your Ex!
- Make sure that you have a structured parenting plan in place that is very specific concerning schedules of visitation, holidays and vacations to help to minimize conflict. Also, if necessary, secure the help of professional counselors, lawyers, or therapists who can help the children and yourself to cope with the Narcissist Parent.
- Control your behavior and your triggers! Your ex-spouse knows you very well and knows how to press a trigger to make you look like the “Crazy “parent. This situation was continuous during the marriage and has continued in your Co-Parenting period. You are the adult and your children are watching your behavior concerning how they react to their other parent.
- Be the PARENTAL ROLE MODEL for your children. Show your children through your actions that you only have their best interest as your top priority. Control your behavior toward your narcissist ex and never bad mouth the other parent in front of the children.
- Do not tolerate abusive/demeaning behavior from your Ex to either you or your children. You must be the “adult” and protect your children. If your children are afraid to go visit this parent or after a visit, the kids come back with bruises, breaks or a more serious medical problem, get professional help to stop this type of abuse. If you truly feel that this narcissist parent is abusing the child, do not continue to send the child back to this parent. Contact an attorney who can help you to keep your child safe.
- Last by not least do not care what other people think! This is your life and you are the only parent who can control and protect your child against the Narcissist Parent. Life is hard and people are not perfect. When your children grow up and are responsible parents, this will be your award for being there to care and protect them from parental harm.
The Nacol Law Firm P.C.