Perhaps the one area of divorce that separating spouses underestimate the most is how much information they must disclose for the purposes of property division. Simply put, all parties must be prepared to put everything on the table, whether it was something they brought into the marriage and belonged only to them or something they accumulated during the marriage. This includes disclosing all their finances — and we’re not just talking about bank account balances and real property.
No two divorce cases are the same, so it’s important to consult with one of our attorneys about your unique financial and marital situation. But to avoid legal repercussions, it is important to disclose anything and everything about your finances.
What Aspects of Your Finances Should Be Disclosed?
Though not an exhaustive list, a few of the more common examples include the following:
- Individual salaries
- Earnings from any businesses you may own
- Bank account balances (checking and savings)
- Retirement balances
- Rent and mortgage payments
- Debts, including student loans and credit cards
- Real estate
- Cars, boats, and other valuable personal properties
- Health and life insurance policies
What Happens Once You Disclose All Your Finances?
It would be best if you leaned on your attorney to ensure you are not asked to disclose more than what is appropriate. That said, you never want to purposely conceal any important financial matters during your divorce proceedings. Doing so can mean everything from legal penalties and IRS fines to running the risk of your spouse gaining more from the Court’s decision on property division than they otherwise would. Once everything is disclosed, the Court can decide who gets what and how much. Texas classifies itself as a community property state when it comes to family law. This means property acquired during your marriage (with a few exceptions) is presumed to be equally owned by both spouses and must be divided in a way that’s just and right when the marriage ends.
Find an attorney with experience with your type of case, and make sure their team of attorneys is solutions-minded and has their clients’ best interests at heart. Discuss the case with them and understand how they plan to walk you through the process.
Please call Christman Daniell Attorneys, for your legal needs today!
Looking for expert family law services in Collin County, Texas? Christman Daniell Attorneys is your premier choice. With years of experience and a deep understanding of the legal landscape in cities like Allen, Anna, Blue Ridge, Carrollton, Celina, Colleyville, Dallas, Fairview, Farmersville, Frisco, Garland, Josephine, Lavon, Lowry Crossing, Lucas, McKinney, Melissa, Murphy, Nevada, New Hope, Parker, Plano, Princeton, Prosper, Richardson, Royse City, Sachse, Saint Paul, Van Alstyne, Weston, and Wylie, our skilled team is dedicated to helping families navigate complex legal matters. Whether it’s divorce, child custody, or adoption, trust Christman Daniell Attorneys to provide compassionate and effective representation for all your family law needs throughout Collin County.
Please consult an attorney for advice about your individual situation. The material on this website and in this or any blog article we publish are for informational purposes only and do not constitute legal advice. The attorneys at Christman Daniell Attorneys, believe in tailoring legal advice and solutions to your own personal circumstances.
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