On behalf of The Law Offices of Mary Ann Beaty, PC posted in Divorce on Wednesday, February 18, 2015.
We wrote last week about a Dallas couple whose high-asset divorce has led to litigation over accusations of assets hidden away to avoid including them in property division. While few Dallas couples will likely have assets to consider in the multi-million and billion dollar range, the principle of community property applies across the board in Texas.
This is an often complicated and potentially confusing part of the divorce process, however, which is why a legal professional can play an important role in both educating and advocating for divorcing clients. But what will your lawyer need from you? What kinds of questions will he or she have, and what should you be prepared to discuss? Without offering specific legal advice in this blog post, we’d like to provide some general information for readers considering hiring an attorney to assist with a divorce, and with property division in particular.
Property division issues will include some obvious things, like real estate and personal property (furniture, cars, jewelry and so on). However, your lawyer will also want to talk about any retirement accounts you and your partner own, any IRAs and likewise any insurance policies. Savings accounts, stocks and bonds and business interests will also need to be reviewed in detail. Of course, you should let your lawyer know if you suspect your partner might be hiding any assets from you as well.
What kind of documentation will you need to provide? Generally speaking, anything and everything you can potentially offer related to your claims will be important for your attorney to see. Proof of income (both yours and your partner’s), bank and retirement account statements, tax documents, even copies of your monthly budget and bills are common. Insurance policies and property appraisals should be accessible as well if applicable. And document any debts as well, since those are also going to be divided in the divorce.
If you are considering reaching out to a Dallas property division attorney, our website has more information that may be useful at this time. While every divorce is its own unique process, it’s important to work with a professional who will listen to you as well as help educate you on what to expect and how to protect your interests.