How do I get organized for my divorce?

 Posted on January 01, 2022 in Property Division

Many people put off divorce until after the holidays, not wanting a marital dispute looming over what is supposed to be a festive time. The wait may be even longer for Texas spouses who have put off a decision due to the uncertainty of the pandemic.

With 2022 in full swing, you may decide that it's the right time for a fresh start, but you’re not sure how to proceed. Understandably, you may be caught up in the emotions of taking that step. But it's crucial to do everything you can to ensure the best financial situation possible.

Taking inventory of marital assets

One way to deal with the fear and uncertainty is to take control of the process when preparing for divorce. Creating a checklist of marital assets not only makes the process less stressful but can help you achieve better results. Your list should include:

• Bank accounts
• Retirement accounts
• Investment accounts
• Real estate deeds
• Mortgage and other loan documents
• Insurance policies
• Wills and trusts
• Personal financial statements and balance sheets
• Paperwork for business ownership
• Credit card statements
• Complete list of marital and non-marital property

Most of these documents are easily accessible, but if you’re not sure how to find them, your attorney can help. An experienced lawyer can also advise you on finding other marital assets that many of us forget about.

Organize and classify

You can also save time and money by organizing these documents, so they are easily accessible for your lawyer, accountant or other advisers. For example, keep homeownership documents and mortgage papers together, and separate all paperwork related to a family-owned business.

Once you’ve accomplished this, it's advisable to mark each asset as either owned by you and your spouse together or property that either of you brought to the marriage. Your lawyer can also help with this, as classifying marital vs. non-marital property can be tricky.

Preparation leads to better results

The more time you spend uncovering your financial situation as a married person helps you understand what you’re entitled to receive under Texas community property laws. Taking action can erase much of the anxiety divorce causes and help you start your new life on sound financial footing.