In accordance with Texas law, divorcing spouses must provide certain financial information to each other within the first 30 days of filing for divorce (unless a waiver is approved).
The information that must be exchanged includes documents regarding property, bank accounts, retirement plans, investments, debts, and employee benefit plans. The information must cover the previous two years or since the beginning of the marriage if the marriage lasted less than two years.
Remember, the financial affidavit is a sworn document, which means that when you sign it you are swearing that it is accurate. If you try to hide assets, then the court could award the other spouse more assets as a punishment.
To make your disclosure official, you will need documents pertaining to your finances and your assets. You should be prepared to submit:
Which Aspects of Your Finances Do You Need to Disclose?
Revealing all of your finances might seem daunting, but our lawyers will help you get a fair outcome when the process is over. To avoid legal repercussions, you should disclose information about your sources of income, your savings, everything you own that is of value, and any debt you might have.
Financial assets
- Your salary
- Earnings from a small business
- Earnings from freelance work
- Dividends
- Money kept in a checking account
- Personal savings
- Retirement Savings
Other assets
- Real estate
- Cars
- Boats
- Other items of considerable value
- Personal property
- Health insurance plans for yourself, your spouse, and/or your children
- Life insurance policies
Debts
- Rent or mortgage payments
- Amount owed on credit cards
- Payments for major purchases
- Student loans
- Any other debts which you have incurred
Disclosure of Financial Assets When a Divorce Involves Requests for Spousal Support
In Texas, spousal support is only awarded in cases where the court finds that the spouse seeking support lacks sufficient assets to provide for their minimum reasonable needs. They will also consider their ability to earn money to meet their reasonable needs.
In addition to the documentation required in divorces that don’t involve the potential for spousal support, the couple must also complete an Inventory so that the court is given an accurate picture of their finances. The form will include information regarding income from any source, as well as all liabilities such as car payments, mortgages, health care premiums, and debt payments.
What if I Think My Spouse Has Hidden Assets?
After a divorce, you have a right to your fair share of assets. If one spouse earns significantly more than the other, then they may try to hide assets.
Common ways that people try to hide their assets is to create offshore accounts, forge paperwork, or distribute assets to relatives.
If you believe that your spouse may have hidden assets, then you should speak to a family law attorney at Skillern Firm Divorce & Child Custody Lawyers as soon as possible. We will help track down their assets and will ensure that you are given your fair share of marital property.
In some cases where hidden assets are discovered, the other may be awarded a higher percentage of the property.
How Can I Avoid Disclosing My Financial Information?
Usually, financial disclosure is unavoidable. However, there are a couple of situations where it can be avoided.
Parties may waive their right to initial financial disclosures, but both parties must be in agreement, and a waiver must be submitted in writing and approved by the court. The decision to waive the right to financial disclosure must be made with careful consideration, and it is a good idea to seek advice from a divorce attorney before making such a decision.
There are also some situations where making financial disclosures could put a spouse at risk of harm from the other. If you are concerned about being harmed by your spouse, then a divorce lawyer can help you file an order of protection.
At Skillern Firm Divorce & Child Custody Lawyers, we understand the care and dedication that cases involving domestic abuse require. We will get to work quickly to protect you and your children and will support you throughout the entire divorce process. We know how difficult it is to reach out for help, and our goal is for you to be able to transition to a new way of life in confidence.
The Role of a Qualified Divorce Attorney in Sugar Land, TX
Going through a divorce can seem overwhelming, especially if you are unfamiliar with the proceedings. Our attorneys understand that:
- The process is emotionally charged
- The well-being of children can be involved
- The rules are complex and vary state to state
- Errors come with the potential for legal ramifications
Our role is to be an objective, clear-minded party who is there to make sure you are treated fairly. That means bringing our expertise and our knowledge of the legal system to your case. So, what considerations go into the disclosure of financial assets?
