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
In our world today many fathers are facing a regrettable and inevitable DIVORCE! Either through Mom’s decision or Dad’s, it may be the end of a joint family life that includes both parents in one residence. No one is ever happy, but by doing some research and trying to make reasonable decisions, fathers will persevere and hopefully you will be able to maintain your loving relationship with your children and family.
Some things to remember:
- Your children love you and just because you are no longer living with their mom, doesn’t change your love. You keep your opinions to yourself and not share all your adult thoughts with your children. YOU LOVE THEM AND ALWAYS WILL! NOTHING HAS CHANGED IN YOUR INTEREST OR LOVE FOR YOUR Children. Mom is no longer in your home and love with the children. She has her own relationship with the family now.
- You do have definite rights to your children. When the decision has been made to file for divorce, employ an experienced attorney to help guide you through this process. Negative statements, even when true, ARE NOT HELPFUL! Uninformed opinions from your soon to be ex, concerning your rights with the children, are suspect, since you now are on opposing sides. A very knowledgeable Fathers Rights Attorney is up to date on all current issues in Fathers Rights domestic litigation and the courts, and this is who you should listen to for guidance.
- As the divorce proceeds and behaviors by the divorcing couple become hostile and estranged, just remember that self-control and acting rationally, without anger, will help in eliminating future ammunition to be used against you in the divorce and custody case. Self-control in your behavior and attitude will help you keep an upper hand in the Divorce proceeding and help the outcome.
- Finally, you are not the victim! Don’t lay down dead and let Mom run over you! There is life after the death of a marriage and you will learn that not only may your life be better, but your life with your children will be enhanced! The children will have watched you act like an adult and parent who loves them and wants the best for them, but also wants a good life with them in the after-divorce life.
Now the Divorce process has begun. Either you or your wife have “Lawyered Up” and the Legal Process has begun! Some very good advice to consider following at the beginning of a Divorce:
- Get your financial documents in order: Review our blog “Prepare for Your Divorce” to start getting ready in the financial part of the divorce. Subject to the outstanding standing order of the court, be sure to protect all joint bank accounts and open new ones for your individual use. Also, if indicated and necessary, delete spouse from all your credit and charge cards.
- Depending on the age, meet with your children and discuss what is happening to your family. Make sure they know that your relationship with them will never change and you will always be their father and show this by loving actions and affections. Confirm that you are divorcing their Mother, not them.
- Stay on your best behavior during this stressful time. Watch your consumption of alcohol intake and try to stay in good company. You need to show that you are not the aggressor. Never let Mom provoke you into a stressful situation where you may engage in a public spectacle with any form of emotional, physical or sexual abuse against Mom or others. The Judge or jury would not be impressed!
- If you have not hired an attorney, now is the time to “lawyer up”. You need to find a competent attorney who has a good reputation dealing with fathers and their rights to their children. Look on legal websites and blogs to see if an attorney relates to your legal needs. Check on fathers’ rights blogs and see if an attorney has answered questions about a similar family situation as yours and has suggested good solutions to help resolve the issues. Give this attorney a call and set up a consultation to see if he/she would be a fit for your legal need.
- If life and divorce pressures are making you depressed, search out for help with supportive family or friends, clergy or professional counselors. Studies have concluded that Divorce is one of the most stressful events in an individual’s life. Get the support you need to be able to make wise decisions and to promote honest interaction with others during this most stressful time.
Like death, Divorce is one of life’s worst events. Know that this difficult time will someday be over, but also along this path there will be unknown surprises and events, that will test your honesty and dignity as a father and a parent. But in the end, you will make it and still be the father that you need to be to your children.
Stay Calm. This too shall pass….
Nacol Law Firm P.C.
Dallas Fathers Rights Attorneys
This is a complicated question to answer depending upon the facts of each case. If you have experienced domestic violence you need to immediately do whatever is necessary to secure you and your child’s safety. Many times a victim will go to court for a protective order and ask the judge to move the abusive or violent spouse out. In this situation contact an experienced family law attorney now!
In most cases, absent of violence or risk of abuse, we would not suggest that a spouse move out of the marital residence.
Why is this? One reason is once you have vacated the residence it may be very difficult to get back in! You have no legal obligation to leave the residence if your name is on the lease or mortgage personally and exclusivity.
Our suggestion to a client might be, to remain in the residence since the person who vacates may still have financial obligations and expenses of the family residence, while paying all expenses on a new residence for themselves. Double expenses are not a desirable result during the divorce process.
The higher wage earning spouse who moves out of the marital home must expect to continue to pay most of the household expenses, including the insurance and mortgage! What about the personal property and furnishings in the residence?
If an agreement has not been made between the divorcing couple, the moving spouse will generally only be able to leave with personal belongings (clothing & jewelry) until a court rules fairly as to temporary possession.
Secure a court order ASAP to equalize property and household expenses.
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)