Preparing for a Texas Divorce: Assets
Going through a Divorce is painful no matter the circumstances. Before you get into the Texas Divorce Process, you can reduce expense, stress, and conflict by making sure you are financially prepared. Advanced planning 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 the marriage. This is a very general checklist. Disregard what is not pertinent to your situation.
- Taxes (at least three years)
- Federal Tax Return
- State Tax Return
- Tax Liens
- All other IRS related documents
- Wills and Trusts with all attachments reflecting corpus and trust holdings
- Listing of all liabilities (including mortgages, credit card debt, personal loans, automobile loans, student loans, etc.):
- Name of entity, address, and telephone number
- Account number
- Amount owed
- Monthly payment
- Property securing payment (if any)
- Most current statements and account status of lenders (from last 3 years)
- A Listing of the address and location of all Real Property, (includes time-shares, vacation properties, commercial property, and lots):
- Deeds of Trust
- Notes including equity loans and second liens
- Legal Descriptions
- Mortgage Companies and Loan Servicers (Name, Address, Telephone Number, Account Number, Balance of Note, Monthly Payments) for all Primary and Secondary Mortgages
- Evidence of purchase gift or inheritance documents
- Current fair market value.
- Motor Vehicles (including mobile homes, boats, trailers, motorcycles, recreational vehicles; exclude company owned):
- Year, Make, Model of all Motor Vehicles
- Name on title
- VIN Number
- Fair Market Value
- Name of creditor (if any), address and telephone
- Persons listed on debt
- Account number
- Balance of any loan and monthly payment
- Net Equity in vehicle
- Current statements from last 3 years
- 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 and Account Number
- Social Security Documents
- Pension Documents
- Company loans and documents related to benefits
- At least 3 years statements on all pertinent accounts
- A listing of separate property (property owned prior to marriage, family heir looms, property gifted, inherited property):
- Records that trace your separate property. These assets will remain yours if properly documented
- Retirement Benefits:
- Exact name of plan
- Address of plan administrator
- Starting date of contributions
- Amount currently in account
- Balance of any loan against plan
- Documents (Date of start of plan is especially important for divorce settlement)
- Publicly traded stock, bonds, and other securities (include securities not in a brokerage, mutual fund, or retirement account):
- Number of shares
- Type of securities
- Certificate numbers
- In possession of
- Name of exchange which listed
- Pledged as collateral?
- Date acquired
- Tax basis
- Current market value
- If stock (date option granted, number of shares and value per share)
- Stock options plans and related documents
- Insurance and Annuities Policies and Inventory:
- Name of insurance company
- Policy Number
- Type of insurance (whole/term/universal)
- Amount of monthly premiums
- Date of Issue
- Face amount
- Cash surrender value
- Current surrender value
- Designated beneficiary
- Other policies and amendments
- 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
- Hobbies or side businesses that generate income
- 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, work interests, and producing and non-producing oil and gas wells:
- Name of mineral interest
- Type of interest
- County of location
- Legal description
- Name of producer/operator
- Current market value
- needs leases or production documents related to the asset
- Money owed by spouse (including any expected federal or state income tax refund but not including receivables connected with any business)
- Household furniture, furnishings, and Fixtures
- purchase documents
- Electronics and computers including software and hard drives
- Antiques, artwork, and collectibles (including works of art, paintings, tapestry, rugs, crystal, furniture, quilts) All major collections always need to be appraised! (Cars, Guns, Jewelry, Coins & Stamps, Action Figures, and Books)
- Miscellaneous sporting goods and firearms
- Jewelry including appraisals
- Animals and livestock
- Farming equipment
- Club Memberships
- Safe deposit box items
- Burial plots including documents of ownership
- Items in any storage facility
- Travel Awards Benefits (including frequent flyer miles)
You may decide to divorce or not, but it is very important to have all financial information before you enter into a Texas Divorce! This is a very general Divorce Financial Asset Checklist. Disregard what is not pertinent to your situation.
After reviewing this list, you may also decide to go and review the Family Information Form. This form is basic information about you and your spouse. By the time you are looking at this, you will realize that you may not really know your spouse’s information. You will need to know the correct information before filing for divorce in Texas.
These two informational lists will prepare you with the basic financial information that any divorce attorney will need to get your divorce started.
Nacol Law Firm P.C.
Dallas Fathers Rights Attorneys
Call (972) 690-3333
Divorce is frustrating, confusing, and personally resentful. Divorce is never a pleasant experience even in the most amicable terms. It is important to know what you are in for when a divorce is filed. An original petition will be filed by one of the spouses (the petitioner). Then, the Respondent spouse must be served with papers by a process server unless they will agree to waiver service.
After service of the original petition, the Petitioner may file for a Temporary Restraining Order (“TRO”) to protect the child and marital estate. Once a TRO is granted by the District Judge, a temporary order hearing will be set within 14 days. This temporary order hearing is extremely important and will determine the direction of the case.
Temporary Order hearings are usually condensed to 20 minutes a side depending on the complexities of the case. Within these 20 minutes, you will have to put on evidence for your entire case regarding custody of the children, management of the marital estate, and any other considerations such as receivership of a business.
After the temporary orders hearing, the case will dive into full throttle litigation. Discovery on both sides is usually conducted including interrogatories, admissions, and production of documentation. The documents that are usually requested consists of bank statements, retirement pensions, social media pages, text messages, and emails. Each case requires specific Discovery requests that are narrowly tailored to the facts presented. Discovery can last months and usually follow with motions to compel and sanctions. In highly contested cases the rigors of discovery and compiling documentation can be brutal.
During the Discovery phase, Depositions may be warranted. Depositions consists of your attorney questioning your spouse and any other witnesses that are relevant to the case for impeachment purposes. Depositions are necessary if the case will go to a jury, because impeachment of your spouse is a necessity to prove your truthfulness.
Mediation is often mandatory in Courts, but this is the general rule. Certain Courts in the Dallas, Fort Worth, and Collin county do not require mandatory mediation. Each Court has its own rules of procedure and requirements. If the Mediation fails to produce a settlement between you and your spouse, then the only thing left is a trial.
Depending on the complexities of the case and assets, a trial can last half a day or be a three-day trial. Most trials are before the District Judge. Certain facts may give rise to a jury trial, but a jury trial is more costly and can take up more time. After the trial is complete the parties will have to wait for a ruling. This can take days to months depending on the case and jurisdiction.
When the final ruling is given to all parties, the Judge will charge one party to create a final order that will be submitted to the Court. This can give rise to more litigation depending on the interpretation of the Judge’s rulings by both parties. Finally, when both parties agree to a final order or the Judge determines which version of the final order is proper, then the case will be over.
Divorce can be a painful process that lasts 6 months to three years depending on the circumstances and the nature of the parties involved. If you are about to file for a Divorce in the DFW Metroplex or need help call the Nacol Law Firm, experienced family law attorneys to represent your best interests throughout this painful process.
Nacol Law Firm P.C.
Julian Nacol, Attorney
Now is the time to review your 2022 Holiday Visitation Schedule with your children.
Here is a reminder of the current Texas Family Law Code’s Standard Possession Order for the 2022 Holidays.
Texas 2022 Family Law Code’s Standard Visitation Guidelines for Thanksgiving:
The possessory conservator or non-primary conservator shall have possession of the child in odd-numbered years, beginning at 6 p.m. on the day the child is dismissed from school before Thanksgiving and ending at 6 p.m. on the following Sunday, and the managing conservator shall have possession for the same period in even-numbered years; The Holiday schedule will always override the Thursday or Weekend schedules.
Texas Family Law Code’s Standard Visitation Guidelines for Christmas Break:
The possessory conservator or non-primary conservator shall have possession of the child in even numbered years beginning at 6 p.m. on the day the child is dismissed from school for the Christmas school vacation and ending at noon on December 28, and the managing conservator shall have possession for the same period in odd-numbered years.
The possessory conservator or non-primary conservator shall have possession of the child in even-numbered years beginning at noon on December 28 and ending at 6 p.m. on the day before school resumes after that vacation, and the managing conservator shall have possession for the same period in odd-numbered years; The Holiday schedule will always override the Thursday or Weekend schedules.
The Holiday Season should be a happy family time. Many times, emotional issues from the result of the break-up affects a family which causes the joy of the season to be overshadowed by unhappiness and despair! Children need to have structure in their Holiday Visitation Schedule to ensure that they will be able to see both parents and share the joy of the season with their entire family. The children are often the ones who suffer when the Holiday Visitation arrangement goes awry.
Unfortunately, many parents may wait too long to confirm visitation plans for this upcoming holiday season. If you cannot reach an agreement regarding visitation or believe you may be deprived of holiday visitation by the other parent, now is the time to contact an attorney. Time is short and Courts are already starting to overload with future visitation problems for the 2022 Holiday Season.
The best gift a child can experience for the Holiday Season is an early proactive arrangement of all holiday plans between both parents. Everyone needs to know dates and times for visitation with both Mom and Dad. This Holiday Season vow to keep your child out of the middle of any family conflict and start to develop new holiday traditions with your child and family. Many parents have new relationships/marriages and other children in the family group. The new holiday traditions should include everyone and be a bonding experience for years to come.
Call Us. We Can Help!
Nacol Law Firm P.C.
Dallas Fathers Rights Attorneys
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
In the State of Texas there is one birth statistic that continues to rise: The Birth of Out of Wedlock Children! With dropping marriage rates and increasing non-married couples living together, the percentage of children being born out of wedlock is growing yearly. The Texas Out of Wedlock Childbirth rate of 2019 stands at 41.4%. How are the fathers of these children treated? Does a father have any rights to their children? In most states, the mother of a child has 100% of the custody rights until the paternity of the father is legally established. How does a Texas father legally establish paternity when the mother of their child refuses to allow him to sign the birth certificate and tells him that he will never have any type of communication or relationship with his child?
What are a father’s rights in the State of Texas?
Any and every right a parent may have is available to a father who seeks them.
How does the father file for paternity of the child in Texas?
1. Paternity Registry (Family Code 160.401-2)
The Texas Paternity Registry was created in 1997 to aid men (potential fathers) who desired to be notified of a proceeding for the adoption of or the termination of parental rights regarding a child that he may have fathered. They may register with the Registry of Paternity. The purpose of the Registry of Paternity is to “protect the parental rights of fathers who affirmatively assume responsibility for their children by registering or acknowledging their children (FC Chapter160, Subchapter E). To sign up with the Registry, the father or suspected father must file a Notice of Intent to Claim Paternity before a child is born or within 31 days of the child’s birth. (see form) https://www.dshs.texas.gov/vs/field/docs/vs130(2).pdf
Many men use this Registry when a Father and Mother do not have a continuing relationship and the man is not listed as the presumed father on the birth certificate or Acknowledgement of Paternity.
- Man and woman have a consensual sexual relationship for a brief time and no further contact. Man wants to make sure that if woman becomes pregnant and has a child, he wishes to assert his paternity
- Man and woman do no agree he is the father of the child. Man wishes to assert paternity.
- More than one man claims to be the father of the child. Each man would complete a separate Notice of Intent to Claim Paternity.
- Mother refuses to complete and sign the Acknowledgment of Paternity form.
The notice of Intent Claim Paternity form will not legally establish paternity nor be used to add a man’s name to the child’s birth certificate.
2. Alternate Means to Establish Paternity (Family Code 160.301-2 and 160.402, 160.601)
The mother of a child and a man claiming to be the biological father of the child may sign an acknowledgment of paternity with the intent to establish the man’s paternity.
An acknowledgment of the paternity must:
- Be in a record
- Be signed or otherwise authenticated by the mother and the man seeking to establish paternity
- State that the child whose paternity is being acknowledged:
1. Does not have a presumed father or has a presumed father whose full name is stated
2. Does not have another acknowledged or adjudicated father
- State whether there has been genetic testing and that the acknowledging man’s claim of paternity is consistent with the results of the testing
- State that the signatories understand that the acknowledgment is the equivalent of a judicial adjudication of the paternity of the child and that a challenge to the acknowledgment is permitted only under limited circumstances and is barred after 4 year.
A man is entitled to notice of a proceeding regardless of whether he registers with the registry of paternity if:
- A father-child relationship between the man and the child has been established under this chapter or another law.
- The man commences a proceeding to adjudicate his paternity before the court has terminated his parental rights.
The parentage of a child may be adjudicated in a civil proceeding by voluntary legitimation.
A Father should be proactive and enforce his rights promptly to enhance his probability of fair and equal treatment that is binding under the law!
Nacol Law Firm P.C.
Walnut Glen Building
4188 Walnut Hill Lane #1190
Dallas, Texas 75231
tel: (972) 690-3333