Preparing for a Texas Divorce

January 13th, 2012

Preparing for a Texas Divorce:  Part 1 – Assets

Preparing for a divorce is painful no matter the circumstance.  Before you get into the tangle of the Texas divorce process, you can reduce the expense, stress and conflict many people face by making sure you are prepared.  Planning ahead allows you to make sound decisions and start preparing for your life post-divorce, and may also help you avoid post-divorce pitfalls. Below is a list of items you may want to gather before counseling with an attorney.

Documents

  1. A Listing of all Real Property, address and location, including (include time-shares and vacation properties):
    1. Deeds of Trust
    2. Notes
    3. Legal Description
    4. Mortgage Companies (Name, Address, Telephone Number, Account Number, Balance of Note, Monthly Payments)
    5. Current fair market value
  2. 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.
    1. Name of mineral interest
    2. Type of interest
    3. County of location
    4. Legal description
    5. Name of producer/operator
    6. Current market value
  3. 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):
    1. Name of institution, address and telephone number
    2. Amount in institution on date of marriage
    3. Amount in institution currently
    4. Account Number
    5. Names on Account
  4. Publicly traded stock, bonds and other securities (include securities not in a brokerage, mutual fund, or retirement account):
    1. Number of shares
    2. Type of securities
    3. Certificate numbers
    4. In possession of
    5. Name of exchange which listed
    6. Pledged as collateral?
    7. Date acquired
    8. Tax basis
    9. Current market value
    10. If stock (date option granted, number of shares and value per share)
  5. Closely held business interests:
    1. Name of business
    2. Address
    3. Type of business
    4. % of ownership
    5. Number of shares owned if applicable
    6. Value of shares
    7. Balance of accounts receivables
    8. Cash flow reports
    9. Balance of liabilities
    10. List of company assets
  6. Retirement Benefits
    1. Exact name of plan
    2. Address of plan administrator
    3. Employer
    4. Employee
    5. Starting date of contributions
    6. Amount in account on date of marriage
    7. Amount currently in account
    8. Balance of any loan against plan
  7. Insurance and Annuities
    1. Name of insurance company
    2. Policy Number
    3. Insured
    4. Type of insurance (whole/term/universal)
    5. Amount of monthly premiums
    6. Date of Issue
    7. Face amount
    8. Cash surrender value
    9. Current surrender value
    10. Designated beneficiary
  8. Motor Vehicles (including mobile homes, boats, trailers, motorcycles, recreational vehicles; exclude company owned)
    1. Year
    2. Make
    3. Model
    4. Value
    5. Name on title
    6. VIN Number
    7. Fair Market Value
    8. Name of creditor (if any), address and telephone
    9. Persons listed on debt
    10. Account number
    11. Balance of any loan and monthly payment
    12. Net Equity in vehicle
  9. Money owed by spouse (including any expected federal or state income tax refund but not including receivables connected with any business)
  10. Household furniture, furnishings and Fixtures
  11. Electronics and computers
  12. Antiques, artwork and collectibles (including works of art, paintings, tapestry, rugs, crystal, coin or stamp collections)
  13. Miscellaneous sporting goods and firearms
  14. Jewelry
  15. Animals and livestock
  16. Farming equipment
  17. Club Memberships
  18. Travel Award Benefits (including frequent flyer miles)
  19. Safe deposit box items
  20. Burial plots
  21. Items in any storage facility
  22. A listing of separate property (property prior to marriage, family heir looms, property gifted)
  23. Listing of all liabilities (including mortgages, credit card debt, personal loans, automobile loans, etc.):
    a. Name of entity, address and telephone number
    b. Account number
    c. Amount owed
    d. Monthly payment
    e. Property securing payment (if any)
    f.  Persons listed as liable for debt

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