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)
Are you now going through or commencing a “High Conflict” Divorce with children where one Alienating Parent is encouraging or programming the child to reject the other parent without legitimate cause or justification. An alienating parent makes a child choose sides to bolster the alienators own parental identity and to undermine the target parent through denigration and interference with the child’s other parent relationship.
Parental Alienation is more common than thought in divorce situations and many alienation situations continue throughout the entire relationship with the target parent and the affected child.
A report from Fidler and Bala (2010) reported increased incidences and judicial findings in parental alienation and estimated signs of parental alienation in 11-15% of divorces with children. Psychiatrist, Dr. William Bernet, Professor at Vanderbilt University and advocate of parental alienation (Sept. 2013) “Almost every mental health professional who works with children of divorced parents acknowledges the PA (parental alienation) affects thousands of families and causes enormous pain and hardship”
What are the warning signs of “Parental Alienation Syndrome”? Beware when a child starts displaying accelerated signs of hatred and anger rejecting any relationship with the target parent. This is especially transparent when a normal relationship existed before the deviant behavior manifests.
Are you having these types of problems with your children? What are the basic symptoms of Parental Alienation(PA)? There are many versions but in our law practice, these are the most visible:
- Under the idea of just being honest, the alienating parent tells the child “the entire family situation” through their opinionated eyes causing the child to think less of the target parent. Placing singular blame for who caused the breakup of the family?
- Alienating Parent refuses to allow the target parent access to school records/activities, medical/doctor records/appointments, extracurricular activities, or anything that would be a shared part of the child/parent life together.
- An Alienating Parent makes demands on the target parent that are contrary to court orders. Allows the child to make choices about parental visits with the target parent contra to existing court orders causing the child to resent the target parent when the changes request cannot or should not happen.
- Alienated parent may schedule the child in too many activities to assure no time is left for the target parent to visit with the child. Both parents need to be flexible with visitation to respond to the child’s need to have a relationship with both parents.
- A parent listens in on the child’s conversation with the target parent or does not allow the child to talk with the target parent at the designed call time.
- Refuses to allow children to takes their possessions to the target parent residence.
- Alienated parent blames the target parent for financial problems, having a boy/girlfriend, or causing changes in the family lifestyle. Forcing adult issues on a minor to gain advantage.
- When the child shows constant anger towards the target parent that accelerates to the point where the child avoids being with the target parent. No justified or demonstrative reason is given or exists for the anger and the child will not discuss the issue.
- The alienating parent will use the child to spy and gather information against the target parent. This can cause the child to demean and fear the target parent while scaring the child’s self-image.
- Alienating parent asks the child about the other parent’s personal life causing the child extreme stress/tension. A child not alienated wants to loyal to both parents.
- Alienating parents have secret codes, signals, and words that reinforce very destructive on-going alienation.
In today’s world Parental Alienation Syndrome (PAS) is now taken very serious in family law courts. Please review the symptoms of parental alienation and see if there are common elements in your relationship with your child to determine if parental alienation may be a factor.
If so, take action to help alleviate this this situation with your child. Contact a medical professional who can help address this form of brainwashing. The alienating parent always feels like they are helping the child, but in reality, by pushing the child into their way of thinking about the target parent, they are pushing the child into a life of low self- esteem, depression, lack of trust, and self- hate. Many times the child will turn on the alienating parent when the real family picture comes out or as they grow and mature.
Nothing is ever gained by demeaning actions by one family member on all other members of the family unit. Many times it may also be necessary to contact a legal profession who is knowledgeable in Parental Alienation situations to legally intercede and help correct family issues before the child and parent regress to a non- existent relationship with each other.
Getting Even by using a child is never fair play. The child has two parents and should be able to have a loving relationship with both.
This question causes many divorced or single parents much stress concerning meaningful contact with their children. “What do I need to do to legally secure my specific summer visitation periods with my kids?”. Here is a general breakdown of Texas law on summer visitation:
Family code: 153.312: Notification of Summer Visitation: Parents who reside 100 miles or less apart.
A possessory conservator gives the managing conservator written notice by April 1 of each year specifying an extended period or periods of summer possession, the possessory conservator shall have possession of the child for 30 days beginning not earlier than the day after the child’s school is dismissed for the summer vacation and ending not later than seven days before school resumes at the end of the summer vacation, to be exercised in not more than two separate periods of at least seven consecutive days each, with each period of possession beginning and ending at 6 p.m. on each applicable day; or does not give the managing conservator written notice by April 1 of each year specifying an extended period or periods of summer possession, the possessory conservator shall have possession of the child for 30 consecutive days beginning at 6 p.m. on July 1 and ending at 6 p.m. on July 31;
If the managing conservator gives the possessory conservator written notice by April 15 of each year, the managing conservator shall have possession of the child on any one weekend beginning Friday at 6 p.m. and ending at 6 p.m. on the following Sunday during one period of possession by the possessory conservator under Subdivision (2), provided that the managing conservator picks up the child from the possessory conservator and returns the child to that same place;
If the managing conservator gives the possessory conservator written notice by April 15 of each year or gives the possessory conservator 14 days’ written notice on or after April 16 of each year, the managing conservator may designate one weekend beginning not earlier than the day after the child’s school is dismissed for the summer vacation and ending not later than seven days before school resumes at the end of the summer vacation, during which an otherwise scheduled weekend period of possession by the possessory conservator will not take place, provided that the weekend designated does not interfere with the possessory conservator’s period or periods of extended summer possession or with Father’s Day if the possessory conservator is the father of the child.
Divorce, paternity or other orders setting out access/possession rights should specifically set out this information. Such orders are usually custom and specific on times and dates for summer and other holiday visitations.
In today’s world, a statutory preset structured visitation schedule does not always work in a blended family environment. Many fathers are now either sole managing conservator or co-managing conservators with the mother. The current standard visitation schedule is used more as a basic presumed schedule to which extended time may be added for cause good for more equal shared time with the children.
With an enlightened public awareness and presumption under law that children need quality time with both parents, many parents are looking for modifications to child visitation orders that agrees with their lifestyles to share their children equally and fairly.
Effective September 1, 2019 The Texas Child Support Division of the Attorney General increased the Maximum child Support under the Texas Child Support Guidelines from $8,550 to the “new cap”of net monthly resources to $9200 annually. This change in the law will increase the amount of maximum child support from of $1,710.00 to $1,840.00 monthly (20% of $9200. For one child)
Texas Family Code §154.125(a)(1) requires that every six years the presumptive amount of net resources to which the child support guidelines apply shall be reviewed and adjusted for inflation by the Texas Office of the Texas Attorney General (OAG). That section sets out the formula for doing so based on the consumer price index. The last adjustment was done in 2013 when the current amount of $8550 per month was established.
How does the “cap” work and what could this mean for you? If your net monthly resources are less than $8,550, the child support obligation will not change on Sept. 1. You are under the “current cap” and lower than the “new cap”. All stays the same.
If you are currently going through litigation and your net monthly resources exceeds $8,550 and the Court orders child support prior to September 1, 2019, Texas Child Support Guidelines will mandate that the Court apply the appropriate child support percentage to the first $8,550 in net monthly resources based on the number of children. But, if the Court orders child support after September 1, 2019, it will apply the new appropriate child support percentage to the first $9,200 in net monthly resources.
Child support under the guidelines is determined by applying the applicable percentage, beginning at 20% for one child and increasing incrementally for each additional child, to the net resources amount. If a child support obligor has monthly net resources over $9200, a party seeking above the guideline’s child support has the burden of proving to the court that additional support should be ordered according to factors set out in Texas Family Code §154.126.
Important to Know: The new “cap” increase of September 1, 2019 will not automatically increase the obligor’s existing child support obligation. Any change in child support standing before September 1, 2019, can only occur through the court with a modification order to increase the child support to the new “Cap” amount of $9200. After September 1, 2019, any new suit for child support will be subject to the new “cap”.
Please review the Texas Office of the Texas Attorney General (OAG) website for a child support calculator for the new breakdown: https://csapps.oag.texas.gov/monthly-child-support-calculator
The Nacol Law Firm PC
8144 Walnut Hill Lane
Dallas, Texas 75231
A divorce proceeding is a difficult time for all parties involved. It is scary to be “served” with a petition for divorce. Fear, anxiety, and confusion are just some of the emotions that go through one’s mind when reading and absorbing an official Court document stating that a spouse wishes to end the relationship. Here are a few tips to keep in mind when you are served.
First, it is not the total end of the world. Do not give into immediate impulses and passions or fall prey to threatening or aggressive messages. Remember anything you say or do, especially in messages, texts or emails, may be used against you at Court. Do not give your spouse free arguments for the divorce.
Second, DO NOT use social media to vent frustration or talk about the divorce. Anything you write to third parties on social media may and will be used against you in Court. It may be hard but for your own benefit do not engage in frustrated tirades regarding your spouse on Facebook.
Third, find an experienced attorney, especially if children are involved. Be smart. It is not always prudent to hire a lawyer based on what appears to be the best financial deal possible when your children and possessions are at stake. The old axiom “you get what you pay for” is true when it comes to legal representation.
Fourth, be wary of Pro Se representation. Pro Se means that you have chosen to represent yourself in the divorce case. This may end very badly for you. Many people believe that if they research enough and familiarize themselves with the Texas Family Law Code they just might be able to receive a good outcome and drive up the attorney cost for the other spouse. Attorneys go to school for many years for a reason. The outcomes for Pro Se clients are not usually good and do not be tricked into taking on an inexperienced attorney to save money.
Fifth, save all hateful and scandalous remarks made by your spouse that have been emailed, texted, posted on social media or any other proof that can be saved against your spouse. Delete Nothing! Allow your spouse to dig his/her own hole. All of both spouse’s comments may be used in Court.
Finally, do not listen to your Spouse about any type of perceived legal outcomes. “I talked to a divorce lawyer and he said you better sign this or I will get everything…”. This is common in family law. Do not fall for the trap, seek experienced representation and let the divorce lawyer deal with your spouse or your spouse’s attorney. Do not be tricked into settling or giving up your children or possessions without competent assistance and advice from legal counsel.
Follow this advice and it will greatly help your probabilities with obtaining a favorable and fair outcome in your divorce case.
Nacol Law Firm P.C.
Dallas Divorce Attorneys