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)
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
These last three months have really taken its toll on Texas, the United States of America, and the World. Our main concern now is how it has affected our great State of Texas and our DFW Community where we live, work and where our families, friends and clients make their home. On March 7, we sent our employees home to work and our attorneys made the decision to stay working at our Dallas law office in case a current customer or emergency situation needed to be addressed when many other law firms, fully or partially, shut down for the Covid-19 Season. Even with our Employees working from home, our phones were always answered by a smiling voice and a listening ear for emergency and client legal situations. The last few months has been a serious legal complexity and changing environment for ourselves and many of our neighbors, friends, and clients.
The Courts then, in major part, closed and only people who could afford an attorney were able to address legal serious problems that were happening in their lives and businesses. We have worked on blogs which helped people on finding help for domestic violence and answered calls from people all over the US concerning where to get help on a situation in their state after reading our blogs. We listened to their painful cries for help and sent them to their State Bars of Law for referrals. Not one call was dismissed, and we always tried to help, no matter where they lived.
Now we are approaching Phase 2 of the ”Covid-19 Scare”? Many businesses will again be closing and this time, many will not be able to have the funds or support to open their doors again. What will our Law Firm do? Will we send our office family home to work again? Yes, we will! But will we stop answering our phones or turn away our clients and emergency clients who are desperate for help because we are afraid? NO, WE WILL NOT! We are lawyers and now the People of Texas need our services more than ever.
The Nacol Law Firm P. C. is open for business and will be available to take Calls and Zoom appointments for people / businesses / corporations / nonprofits, who we can help at this time. If there is a situation that we cannot help with, we will try to have information on other sources that may help the caller. We are proud citizens of the United States of America and the Great State of Texas. We are also proud Attorneys of The State Bar of Texas and we will not give up on people who need our help.
Our services may be a little different than before. In our office, everyone must wear a mask and social distance themselves. Most of our conferences and hearings are by Telephone or Zoom unless it is a very serious emergency. All Court hearings, mediations, depositions are now mainly by Telephone or Zoom, but we can get it done.
Covid- 19 virus may seriously hurt our people and economy in Texas, but if we all work together to beat this “Demon”, we will be the “Winning Team”.
Make Today Your Winning Day! Call Us! We can help!
Mark A. Nacol /Julian M. Nacol
Nacol Law Firm P. C.
Walnut Glen Tower
8144 Walnut Hill Lane #1190
Dallas, Texas 75231
Summer Visitation and Divorce? Your Sharing Attitude Will Be the Happy Force for your Children and Family!
We are approaching the end of the school year and the beginning of the long Summer Visitation! You have probably received the letter/ email from your EX requesting the setup for the Summer Visitation with the children.
Usually this is not a happy time for the primary care giving parent, but from personal experience, you need a break and letting the children spend some extended time with the other parent will give them a chance to share time and experiences with this parent and make them happy. Remember your children love you and nothing will change that fact!
From practicing family law for a long time now, I believe there are elements in divorce that will never change:
- You cannot make someone love you and stay with you if they choose not to.
- The only person that you can be completely responsible for in behavior is YOURSELF!
- If you choose to have a bad attitude and try to hurt your EX by alienating your children, then not only are you not winning the divorce game, but you are causing serious damage to your Children. Even if you win, you are a loser. The Kids didn’t ask for this Divorce, they are often stuck because Mom and Dad couldn’t be happy together!
After considering these ideas and deciding no, your children were not the case of the divorce, try giving some effort to help make your children happy during Summer Visitation with their other parent and not worry about you.
Here are my “New Divorce No No Rules” that will make the Summer Visitation happier for the entire family including your EX:
- No talking bad about the other spouse! This is your battle, not the kids! The kids are still related to their other parent and love that parent.
- Make this Summer Visitation an adventure for the kids. Mommy and Daddy are not together anymore, but the children should feel that they are going to spend this special time with their other parent without you acting mad or hurt. Never let the kids know that you are unhappy about the Summer separation and may not love them if they are happy! Let the kids look forward to a wonderful summer adventure with their dad or mom and don’t look back!
- Get with your ex-spouse and determine the Summer visitation schedule. Share this schedule with the kids so they will know what is going on and what time will be shared with both parents. Meanness will not be tolerated, be nice!
- Talk with the children on their ideas for the Summer Visitation. Maybe share these ideas with your EX. Remember: this is not about your feelings, it is about the love and needs of your family.
“The more you give in to the love of your family, the better you will feel in your heart.”
You, my friend, will eventually get over this hurt of the Summer separation with the kids and maybe get a little rest yourself. Before you know it, the kids will be back, school will start and your family’s live will go on, but it is always the decisions you make to help your children cope with this family split that will determine your true character as a parent and a person.
Hoping you and your family will have a wonderful Summer and this blog has help to put a smile on your face! —-Mark A. Nacol