When a married couple gets a divorce in Texas, the assets they acquired during marriage are subject to a 50-50 split. This means that half of all income and half of any business profits earned during marriage would belong to the other spouse. This division also applies to debts, meaning that half of any credit card debt incurred or expensive medical treatment received during marriage would remain the other spouse’s obligation after a divorce. To determine the value of these assets and debts, there are several documents that divorcing spouses will need to compile.
Spouses should be prepared to bring all of their income tax returns and paystubs with them when they speak to their respective family law attorneys. If either spouse has a business, other relevant financial documents will include profit and loss statements and financial statements for the business.
Individuals should also save and bring their statements from any savings, checking, or investment accounts whether or not they are held jointly with the other spouse. Documents reflecting the value of any community property, like a family home, as well as those showing how much was paid initially and for the mortgage will also need to be reviewed.
Even if a spouse holds assets in his or her name only, that spouse’s ownership may need to be proven. Additionally, the value of assets paid for during marriage will still be relevant even if the asset was initially purchased before the couple got married, such as a car on which monthly payments were made.
Getting documents together for a divorce is not easy, but it is best to start as soon as possible so that documents are not automatically destroyed or become harder to access. It is also cheaper to have these documents organized before meeting with a family law attorney rather than waiting to provide them piecemeal when going through an exchange of discovery.