If you are in the process of getting a divorce in Texas, you may already know that all assets acquired during marriage are considered community property, which is divided equally when a married couple gets a divorce. If spouses cannot reach an agreement on how to divide their assets, a court will order them to split everything in half, which could require them to sell a community property home in order to split the proceeds. In order to determine which assets are community property and which are separate, you will need to compile several documents before going to court or meeting with an attorney.
In a divorce, spouses are required to provide each other with documents evidencing their income, such as wage statements and documents showing business expenses if one spouse is self-employed. Business expenses can include account statements, financial statements, and profit and loss statements. Individuals should compile their paystubs and income tax returns for the prior three years at a minimum.
Bank statements and retirement accounts
Savings account and other bank statements should also be shown to the attorney who is assisting you with your divorce. You should also pull any statements from your investment and retirement accounts, including your 401(k). Keep in mind that you may need to prove that you made contributions to these accounts before marriage since these contributions could be considered separate property.
Real estate documents
Individuals should also gather documents relating to the purchase or refinance of any homes or other properties owned separately or jointly with their spouses. Mortgage statements through the present and tax assessor’s statements should also be reviewed.
Insurance policies and other documents
If you have a life insurance policy, bring the policy and any documents showing annuities or loans against the policy when you meet with your attorney. If you or your spouse incurred any debt during marriage, this debt would also be considered community property, so you should show your family law attorney all documents reflecting the debt.