Divorce in Texas can be challenging. For those who are ending a marriage, the issues that come to the forefront may seem overwhelming. Financial, personal and emotional problems are common as child custody, child support, property division and spousal maintenance may be fundamental aspects of a case. With these concerns, it is important to be fully prepared for every eventuality.
One key area of a case is having the proper documentation available. Proving income, tax obligations, debts, property information and every other part of the marital finances is essential. For example, if one party accrued debt and wants the debt to be shared as part of the divorce, having proof can avoid expenses that should belong to the other spouse. With income, paycheck stubs from employment for the previous year should be accrued as should the paycheck stubs belonging to the spouse. Those who are self-employed should bring their tax returns and documents for the business from the previous three years.
With a business, there will be business expenses. Receipts, statements, records of profit and loss and other information about running it should be provided. A statement detailing the individual net worth, the combined net worth and the income of both parties can be helpful. Real estate documents might be essential when dealing with property division. If there is personal property like a home, automobile or business property, this should be listed along with financial proof. Mortgage statements, insurance and assessments are necessary.
Financial documents include savings accounts, IRAs, pensions, 401(k) and investment accounts. These will be critical to determining the value of the combined and individual assets. Life insurance policies may have value too. These could be useful in a case and should be part of the packet in preparation for the divorce.
As people head toward divorce, having a comprehensive record of their financial and personal life can help smooth the entire process. Experienced legal professionals who understand family law may use these documents as a divorce proceeding gets underway.