If you are getting ready for a divorce, preparing in advance will allow you to make informed and thoughtful decisions with your long-term best interests in mind. While there are several steps that spouses can (and generally should) take to prepare for the divorce process, gathering relevant documents and thinking about your priorities is a good place to start.
With this in mind, you can use the following checklist to help guide your initial preparations.
Checklist: Preparing for the Divorce Process in San Antonio, TX
Financial Records to Gather for Your Divorce
Both spouses are required to make certain mandatory financial disclosures at the beginning of the divorce process. Additionally, there are several financial aspects to the divorce process, and making sure you have a clear understanding of your (and your spouse’s) financial circumstances will be key to addressing these issues with confidence. Financial records to gather (or copy) in preparation for your divorce include:
Federal Income Tax Returns
Your federal income tax returns will serve as confirmation of your (and your spouse’s) income. Your tax returns can be helpful for assessing your post-divorce financial needs as well.
Pay Stubs (or Other Proof of Income)
If possible, you should make copies of both your and your spouse’s pay stubs or other proof of income. If you receive your pay stubs electronically, you can either print copies or save.PDFs.
Bank Account Statements
Your bank account statements will be important for two reasons: (i) your bank accounts will (most likely) be subject to division in your divorce; and (ii) your account statements will provide insight into your monthly expenses.
Retirement Account Statements
Retirement accounts are also generally subject to division in a divorce, though divorcing spouses will often agree to each keep their own retirement savings during the divorce process. Regardless of what you ultimately decide to do, you will need copies of your most recent account statements for your divorce.
Investment Account Statements
If you and/or your spouse have any non-retirement investment accounts, you will want to print or save copies of these as well. This includes investment accounts that you have with a brokerage firm or investment advisor, as well as investment accounts that you or your spouse manage independently.
Property Titles and Deeds
Property titles and deeds for homes, vehicles, boats, trailers, and other items will be important to collect during your divorce preparations as well. If a property title or deed is in one spouse’s name only, this does not necessarily mean that the property is that spouse’s to keep after your divorce.
Mortgage Papers and Other Loan Documents
If you have a mortgage, car loans, student loans, credit card debt, or any other debts, you should try to locate records for these as well. Similar to titles and deeds, even if a debt is in one spouse’s name only, the debt may still be subject to distribution during the divorce process.
Prioritizing Your Wants and Needs During the Divorce Process
As you start thinking about the divorce process, you will want to focus on identifying your priorities. Going through a divorce inherently involves compromise, and it will be important to focus on protecting what matters most to you. Here are some key considerations:
Identifying Separate and Marital Assets
In Texas, the general rule is that spouses’ “marital” assets are subject to distribution, while their “separate” assets are not. “Separate” assets generally include those owned before the date of marriage and those acquired by gift or inheritance (though there are exceptions). You should create an inventory of your assets and then take a first pass at identifying those that may be yours (or your spouse’s) to keep.
Prioritizing Your Marital Assets
Since your marital assets will be subject to distribution, you should think about which of these assets you most want to keep. Make a list, and try to be as comprehensive as possible.
Focusing on Items with Sentimental Value
Items with sentimental value can include everything from your children’s artwork to your family’s pets. Even though these won’t necessarily factor into the value of your marital estate, they could be among the most important items you will need to address in your divorce.
Focusing on Your Post-Divorce Financial Needs
When preparing for a divorce, it is important to make sure you have a clear understanding of your post-divorce financial needs. Once you create a budget, you will have a clearer understanding of what you will need to maintain your current standard of living.
Thinking About Your Long-Term Financial Goals
Along with focusing on your post-divorce financial needs, you should think about your long-term financial goals as well. How does this impact your thinking regarding things like investment accounts and retirement savings?
Thinking About Your Wishes Regarding Parenting Time
If you have children from your marriage, establishing a child custody plan (or parenting time plan) will be a key aspect of the divorce process for both you and your spouse. You should think carefully about your wishes regarding parenting time, recognizing that Texas law requires divorcing spouses to focus on their children’s best interests.
Thinking About Your Spouse’s Priorities and Needs
As you think about your priorities and needs, you should think about your spouse’s priorities and needs as well. If you can anticipate what your spouse is likely to prioritize during your divorce, you can take this into account as you develop your plan for moving forward.
This checklist is intended for informational purposes only. It is not legal advice. To ensure that you are taking all of the necessary steps to prepare for your divorce, you should consult with an experienced San Antonio divorce lawyer.
Schedule an Appointment with a San Antonio Divorce Lawyer at Roberson Duran Law, PLLC
Are you preparing to go through a divorce in Texas? If so, our lawyers can guide you step-by-step through the process, and we strongly encourage you to get in touch. To schedule an appointment with an experienced San Antonio divorce lawyer at Roberson Duran Law, PLLC, please call 726-226-0157 or book your appointment online today.