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Texas $____________ Total Marital Property Spouse #2: .................................... $____________ Property Division Worksheet 3 ___ Description:____________________________________ Value: $____________ Description:____________________________________ Value: $____________ Description:____________________________________ Value: ption:____________________________________ Value: $____________ Description:____________________________________ Value: $____________ Description:____________________________________ Value: $_________________________________________ Value: $____________ Description:____________________________________ Value: $____________ Description:____________________________________ Value: $____________ DescriValue: $____________ Value: $____________ Total Marital Property Spouse #1: .................................... $____________ Spouse #2: ____________________________________________ Description:____ription:____________________________________ Description:____________________________________ Value: $____________ Value: $____________ Value: $____________ Value: $____________ Value: $____________ Description:____________________________________ Description:____________________________________ Description:____________________________________ Description:____________________________________ Desc__________________________ Value: $____________ Description:____________________________________ Value: $____________ Property Division Worksheet 2 Description:____________________________________ ................................... $____________ Agreed Share of Marital Property and Bills for Each Spouse: Spouse #1: ________________________________________________________ Description:__________Amount of Marital Bills (B): .............................. $ ___________ Equals (=) Total Value to be Divided (C) [A - B = C]:................. $____________ Approximate Value to Each (1/2 or C/2): ..................................... $ ___________ Value of Marital Property to be Divided: Total Amount of Marital Property (A): ....................................... $ ___________ Minus (-) Total alance $ Balance $ Balance $ Balance $ Balance $ Balance $ Balance $ ___________ ___________ ___________ ___________ ___________ ___________ ___________ B. Total Amount of Marital Bills: ..........._____ Creditor: _____________________________________ Creditor: _____________________________________ Creditor: _____________________________________ Creditor: _____________________________________ B............... $ ___________ Marital Bills and Obligations: Creditor: _____________________________________ Creditor: _____________________________________ Creditor: ________________________________ue $ Value $ Value $ Value $ Value $ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ Total Amount of Marital Property: ...................______________ Other: _________________________________________ Stocks: ________________________________________ Bonds: ________________________________________ A. Value $ Value $ Value $ Value $ Val___________________ Cash: __________________________________________ Auto: _________________________________________ Jewelry: _______________________________________ Tools: ___________________________ of Both Spouses: Real estate: _____________________________________ Value $ ___________ Property Division Worksheet 1 Auto: _________________________________________ Furniture: ___________________ Value $____________ Description _____________________________________ Value $____________ Total of Separate Property (Spouse #2): ...................................... $____________ Marital Property__________ Description _____________________________________ Value $____________ Description _____________________________________ Value $____________ Description _____________________________________ Description _____________________________________ Value $____________ Description _____________________________________ Value $____________ Description _____________________________________ Value $__on _____________________________________ Value $____________ Description _____________________________________ Value $____________ Description _____________________________________ Value $____________............................ $____________ Separate Property of Spouse #2: _____________________________________________ Description _____________________________________ Value $____________ Descripti_________ Description _____________________________________ Value $ ___________ Description _____________________________________ Value $ ___________ Total of Separate Property (Spouse #1): ..........Description _____________________________________ Value $ ___________ Description _____________________________________ Value $ ___________ Description _____________________________________ Value $ __n _____________________________________ Value $ ___________ Description _____________________________________ Value $ ___________ Description _____________________________________ Value $ ___________ _____________________________ Value $ ___________ Description _____________________________________ Value $ ___________ Description _____________________________________ Value $ ___________ Descriptioty: Records of any gifts or inheritances: Property Document Checklist 2 Property Division Worksheet Separate Property of Spouse #1: ____________________________________________ Description ________ insurance policies: Health insurance policies: Auto insurance policies: Homeowner's insurance policy: Other insurance policies: Inventory of contents of safety deposit boxes: Appraisals of any properount statements: Titles to cars, boats, motorcycles, etc.: Property Document Checklist 1 r r r r r r r r r r r Any outstanding loan documents: Credit card records: Records of any other debts: Liferust for any real estate: Copies of any leases: Checking account statements: Savings account statements and passbooks: Certificates of Deposit: Stock certificates and bonds: Securities stockbroker accock option and profit sharing plans and records: Business tax returns (Corporate, partnership, or sole proprietorship): Business financial statements: Deeds to any real estate: Mortgages or deeds of tl, state, and local income tax returns: Payroll stubs and W-2 Forms: Records regarding any other income: Records regarding monthly living expenses: Pension and retirement plan policies and records: St_____________________________________ Monthly payment: $ _________ Balance due $ _____________________ Property Questionnaire 11 Property Document Checklist r r r r r r r r r r r r r r r r r Federat: $ _________ Balance due $ _____________________ Name of Company: ___________________________________________ Reason for debt: ______________________________________________ In whose name: _________ame of Company: ___________________________________________ Reason for debt: ______________________________________________ In whose name: ______________________________________________ Monthly paymen_______ Reason for debt: ______________________________________________ In whose name: ______________________________________________ Monthly payment: $ _________ Balance due $ _____________________ N___________________ In whose name: ______________________________________________ Monthly payment: $ _________ Balance due $ _____________________ Name of Company: _________________________________________________________________ Monthly payment: $ _________ Balance due $ _____________________ Name of Company: ___________________________________________ Reason for debt: _________________________________ Balance due $ _____________________ Name of Company: ___________________________________________ Reason for debt: ______________________________________________ In whose name: _________________ompany: ___________________________________________ Reason for debt: ______________________________________________ In whose name: ______________________________________________ Monthly payment: $ ___Reason for debt: ______________________________________________ In whose name: ______________________________________________ Monthly payment: $ _________ Balance due $ _____________________ Name of C____________________________________________ Monthly payment: $ _________ Balance due $ _____________________ Property Questionnaire 10 Name of Company: ___________________________________________ payment: $ _________ Balance due $ _____________________ Name of Company: ___________________________________________ Reason for debt: ______________________________________________ In whose name: __ebts: Name of Company: ___________________________________________ Reason for debt: ______________________________________________ In whose name: ______________________________________________ Monthly_ Reason for debt: ______________________________________________ In whose name: ______________________________________________ Monthly payment: $ _________ Balance due $ _____________________ Other d_____________ In whose name: ______________________________________________ Monthly payment: $ _________ Balance due $ _____________________ Name of Company: _________________________________________________________________ Monthly payment: $ _________ Balance due $ _____________________ Name of Company: ___________________________________________ Reason for debt: _________________________________ Balance due $ _____________________ Name of Company: ___________________________________________ Reason for debt: ______________________________________________ In whose name: _______________________: ___________________________________________ Reason for debt: ______________________________________________ In whose name: ______________________________________________ Monthly payment: $ _________ Description __________________________________________________ Owner ________________________ Value $ ______________________ Property Questionnaire 9 Bills and Debts: Credit Cards: Name of Company_____________ Owner ________________________ Value $ ______________________ Description __________________________________________________ Owner ________________________ Value $ ______________________ven if listed previously. Description __________________________________________________ Owner ________________________ Value $ ______________________ Description _____________________________________pouse's property received by gift or inheritance? If (YES): List all specific property received by gift or inheritance that is still owned (note who owns each item and its value). List property here e___________________ Value $ ______________________ Description __________________________________________________ Owner ________________________ Value $ ______________________ Was any of you or your s_ Description _________________________________________________ Owner ________________________ Value $ ______________________ Description __________________________________________________ Owner _____owns each item and its value). List property here even if listed previously. Description __________________________________________________ Owner ________________________ Value $ _____________________erty that you or your spouse owned at the time of your marriage valued at over $1,000? _____________________ If (YES): List all specific property owned prior to marriage that is still owned (note who that each spouse held individually prior to the marriage and any property acquired individually by each spouse by gift or inheritance. Please see pages 50-55). Was the amount of separate personal prop___________________ What purpose? _______________________ Premium: $ ____________________ Property Questionnaire 8 Separate Property: (The term "separate property" generally refers to the property any: ___________________________ Amount $ _____________________ Property address ______________________ Premium: $ ___________________ Other Insurance: Company: ___________________________ Amount $ _________ Premium: $ _________________ Company: ___________________________ Amount $ _____________________ Which car?: __________________________ Premium: $ _________________ Homeowner's Insurance: Comp__________________ On whom: ___________________________ Premium: $ _________________ Auto Insurance: Company: ___________________________ Amount $ _____________________ Which car?: ___________________ility Insurance: Company: ___________________________ Amount $ _____________________ On whom: ___________________________ Premium: $ _________________ Company: ___________________________ Amount $ ___om: ___________________________ Premium: $ ________________ (On children) Company: ________________ Amount $ ____________________ On whom: ___________________________ Premium: $ ________________ Disaby: ___________________________ Amount $ _____________________ On whom: ___________________________ Premium: $ ________________ Company: ___________________________ Amount $ _____________________ On wh_____________________________________ On whose life: _______________________ Beneficiary: ___________________ Premium: $ __________________________ Cash Value $ _____________ Medical Insurance: Compan____ On whose life: _______________________ Beneficiary: ___________________ Premium: $ __________________________ Cash Value $ _____________ Property Questionnaire 7 (On children) Company:________ On whose life: _______________________ Beneficiary: ___________________ Premium: $ __________________________ Cash Value $ _____________ Company: ___________________________________________________________ Account # _____________________ Whose fund? _______________________ Value $ _______________________ Insurance: Life Insurance: Company: __________________________________________________________ Stock Option Plan: Company ___________________________ Account # _____________________ Whose fund? _______________________ Value $ _______________________ Pension Plan: Company _________________________________ Value $ _______________________ Profit-sharing Plan: Company ___________________________ Account # _____________________ Whose fund? _______________________ Value $ ______________________# _____________________ Owner ________________________ Amount $ __________________________ Retirement Funds: Company ___________________________ Account # _____________________ Whose fund? _________________________ Bank or broker _______________________ Account # _____________________ Owner ________________________ Amount $ __________________________ Bank or broker _______________________ Account aire 6 Retirement/Pension/Profit-sharing/Stock Option Plans: IRA Accounts: Bank or broker _______________________ Account # _____________________ Owner ________________________ Amount $ _______________________________________________________ Location: _________________________________________________________ Who has ownership? ________________________ Value $ ________________ Property Questionn_____________________________________ Location: _________________________________________________________ Who has ownership? ________________________ Value $ ________________ Description: ______________________________________________________ Who has possession? _________________Value $ _________________ Business Assets: (Corporations, Partnerships, Proprietorships) Description: ____________________________ Value $ _________________ Other property: describe _____________________________________________ Who has possession? _________________ Value $ _________________ Other property: describe _________________________________________ Who has possession? _________________ Value $ _________________ Appliances: describe ________________________________________________ Who has possession? ______________Value $ _________________ Sporting Goods: describe _____________________________________________ Who has possession? _________________ Value $ _________________ Furniture: describe _______________________________________________ Who has possession? _________________ Value $ _________________ Tools: describe _____________________________________________________ Who has possession? _______________ Value $ _________________ Stereo: describe ____________________________________________________ Who has possession? _________________ Value $ _________________ Jewelry: describe ________________ar loan unpaid $ __________________ Value $ _________________ Property Questionnaire 5 Other vehicles (boats, campers, motorcycles, etc): describe _________________ Who has possession? ______________ Make and model ______________________ Who has possession? ____________ Whose name on title? __________________ License plate # and state: _____________________ Payment $ _______________ Amount of cle? __________________ License plate # and state: _____________________ Payment $ _______________ Amount of car loan unpaid $ __________________ Value $ _________________ Car #2: Year ________________........................................ $ ___________ Other personal property: Car #1: Year __________________ Make and model ______________________ Who has possession? ____________ Whose name on tit........................................................... $ ___________ How much Federal? ......................................................... $ ___________ How much Local? ...................._______________ Income Tax: Did you file a joint return for the last tax year? ____________________________ Is there a tax or refund due? ___________________________________________ How much State? ..______________________ Names and addresses of you and your spouse's stockbrokers: __________________________________________________________________ ___________________________________________________________________________ Company _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $ ___ _________________________ Company _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $ _ Property Questionnaire 4 Company _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $s: Company _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $ _________________________mpany _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $ _________________________ BondCompany _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $ _________________________ Co_ Company _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $ _________________________ ks: Company _________________________ CUSIP # _________________________ Owner ______________________ # Shares _________________________ Annual Dividend $ _____________ Value $ ________________________ner ________________________ Amount $ _________________________ Bank _________________________ Account # _________________________ Owner ________________________Amount $ _________________________ Stoc_____ Account # _________________________ Owner ________________________ Amount $ _________________________ Money Market Accounts: Bank _________________________ Account # _________________________ Owuestionnaire 3 Certificates of Deposit: Bank _________________________ Account # _________________________ Owner ________________________ Amount $ _________________________ Bank ________________________________________ Amount $ _________________________ Bank _________________________ Account # _________________________ Owner ________________________ Amount $ _________________________ Property Q__________ Account # _________________________ Owner ________________________ Amount $ _________________________ Checking: Bank _________________________ Account # _________________________ Owner ____ held, write "joint".) Bank Accounts: Savings: Bank _________________________ Account # _________________________ Owner ________________________ Amount $ _________________________ Bank ___________________ ________________________________________________________________________ Personal Property: (The term "owner" refers to the person in whose name the account, stock, bond, etc. is held. If jointly__________________________________________________________ ________________________________________________________________________ ____________________________________________________________________............... $ ___________ Whose money was used? _______________________________________ Here list the actual legal description of the home (taken directly off the deed or mortgage): ______________ave there been any major improvements made since its purchase? ____________ (If YES): When were the improvements made? ______________________ How much did they cost? ..................................e? .................................................................... $ ___________ Is there any rental income? ...................................................................... $ ___________ Hayment? ......................................... $ ___________ How much are the taxes? ......................................................................... $ ___________ How much is the insurance mortgage?............................................... $ ___________ What is the equity (market value minus mortgage balance)? .................... $ ___________ How much is the monthly mortgage p.................... $ ___________ Property Questionnaire 2 What is the present market value? ........................................................... $ ___________ How much is left unpaid on th__________________________ How much was the down payment? ........................................................ $ ___________ What was the original purchase price? ................................._______________ (Was this before or during the marriage?) __________________________ Whose money was used for down payment? ______________________________ Whose name(s) is on the deed? ___________________________________________________________________ Other Real Estate #2: What is the address? _________________________________________________ When was it purchased? ________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ _______________________ Whose money was used? ________________________________________ Here list the actual legal description of the home (taken directly off the deed or mortgage): _______________________________________improvements made since its purchase? ____________ (If YES): When were the improvements made? _____________________ How much did they cost? ................................................. $ ________.............................................. $ ___________ Is there any rental income? ...................................................................... $ ___________ Have there been any major ........................ $ ___________ How much are the taxes? ......................................................................... $ ___________ How much is the insurance? ....................................................... $ ___________ What is the equity (market value minus mortgage balance)? .................... $ ___________ How much is the monthly mortgage payment? ........................................ $ ___________ What is the present market value? ........................................................... $ ___________ How much is left unpaid on the mortgage?.............._____________________________ How much was the down payment? ........................................................ $ ___________ What was the original purchase price? ..............................__________________ (Was this before or during the marriage?) __________________________ Whose money was used for down payment? ______________________________ Whose name(s) is on the deed? ___________________________ Property Questionnaire 1 Other Real Estate #1: What is the address? _______________________________________________________ When was it purchased? ________________________________________________ __________________________________________________________________ __________________________________________________________________ ___________________________________________________ey was used? ________________________________________ Here list the actual legal description of the home (taken directly off the deed or mortgage): ____________________________________________________made since its purchase? ____________ (If YES): When were the improvements made? _____________________ How much did they cost? ................................................. $ ___________ Whose mon.............................................. $ ___________ How much is the homeowner's insurance? .............................................. $ ___________ Have there been any major improvements tgage balance)? .................... $ ___________ How much is the monthly mortgage payment? ......................................... $ ___________ How much are the taxes? .................................................................... $ ___________ How much is left unpaid on the mortgage?............................................... $ ___________ What is the equity (market value minus mor........................... $ ___________ What was the original purchase price? ..................................................... $ ___________ What is the present market value? ..................e money was used for down payment? _______________________________ Whose name(s) is on the deed? __________________________________________ How much was the down payment? .............................t is the address? ____________________________________ When was it purchased? _______________________________________________ (Was this before or during the marriage?) ___________________________ Whospartment? _____________________________________ If (YES): How much time is left on the lease? _______________________ Do you own your own home? __________________________________________ If (YES): What may be prudent to seek professional assistance from either a qualified accountant or attorney Factors for consideration 7 Property Questionnaire Real Estate: Family Home: Do you lease a home or ature earning potential value which is directly traceable to a particular professional degree. If you feel that the value of a professional degree is an important factor in your particular situation, i sacrifices for the attainment of the other's degree, a value is placed on the degree and it is considered as property to be divided. It is, however, very difficult to place a specific value on the fue degree would then be in a better position to bring income into the family. Upon divorce and in order to equalize the potential earning power of the degree-holder with that of the spouse who made theant career or educational opportunities of his or her own in order to assist the other spouse in earning the degree. The intention of most couples in such a situation was that the spouse who earned thing the marriage to be part of the marital or community property and subject to division. The rationale behind this is that, in many cases, the spouse who did not earn the degree has sacrificed importration (license plates) should then be made to the spouse who will retain the vehicle. Educational Degrees Many states now consider the value of a professional educational degree which was earned dure should then be divided between the spouses. If you or your spouse desire to keep the car, a trade of something of a value equal to the other spouse's share must be made. Transfer of title and registis determined by subtracting the amount owed on the car from its current market value. You can check with a car dealer or bank to find approximate (Blue Book) values of cars or trucks. The equity valu accomplished by selling the vehicle and dividing the proceeds, or by a trade-off of one spouse's share of the car's value. For the trade-off method, first determine the equity value of the car. This s will generally be difficult. A trade-off for something of equivalent value is typically the most effective method for dealing with such benefits. Cars and Other Vehicles The division of cars may beretirement plans. You will need to contact the agency or service branch which administers the plan or benefits. As with standard retirement benefits, an actual division of military and federal benefit that accrued while you were both married, you will need to determine the value of these benefits in much the same manner as outlined Factors for consideration 6 above in the section on pension and have specific legal requirements that must be met in order to obtain a divorce from a person on active military service. If you or your spouse are no longer in the service, but have military benefitsour marriage lasted through 20 years of military service. If you or your spouse are currently in military service, you will probably need to seek legal advice in order to obtain a divorce. Many statesarriage has lasted 10 years in order to share in the benefits which have accrued to your spouse. In addition, certain other benefits (such as PX and commissary rights) will be retained on divorce if yey are subject, in most cases, to division upon divorce. Military disability pay is not, however, subject to division upon divorce. For military retirement benefits, there is a requirement that your mr property to be allocated to a spouse. Military and Federal Pensions and Benefits Although military retirement pensions and federal civil service annuity benefits are also federally administered, thIn addition, even though Social Security benefits are not subject to division in a divorce, the value of such benefits may be taken into account in any considerations regarding the amount of alimony or at least 10 years. If you are approaching being married for 10 years, be aware that divorce from your spouse before you reach the 10-year deadline may cost you significant Social Security benefits. curity benefits that accrued during your marriage even though you become divorced. You will also generally be eligible for Social Security survivor benefits if you and your spouse have been married fote law. You will need to contact your local Social Security office to determine your rights to benefits after divorce. If you have been married for 10 years or more, you will have a right to Social Se Social Security Benefits Social Security benefits are not community or marital property and are not subject to division by a court upon divorce. They are federal benefits and are not governed by staof the benefits that accrued to the spouse during the time of the marriage. The value of any such plans should then be included in the total amount of marital property which is available for division.ith most of these type of plans, however, the value should be easier to ascertain than with pension plans. Check with the employer or administrator of the plan for assistance in determining the value iage, the benefits that were earned during the marriage should be considered as property to be shared and divided. Again, the most difficult problem may be in determining the value of such benefits. W-sharing Plans Like pension and retirement funds, these assets are a clear benefit accrued as a result of a spouse's employment. If you or your spouse were participants in such a plan during your marrount and car. Spouse A Factors for consideration 5 would then retain the entire retirement fund ($5,000) and spouse B would keep the car and cash ($2,000 + $3,000 = $5,000). Stock-option or Profitision, each spouse should get $5,000 worth of their marital assets on divorce. Spouse A may retain his or her entire interest in the retirement fund by trading off his or her interests in the bank accey also have $2,000 in a joint bank account. The couple's joint marital property, thus, is valued at $10,000 ($5,000 retirement benefits + $3,000 car + $2,000 cash = $10,000). Using an equal 50/50 divnd all of the benefits were earned while the couple was married. Spouse B has no retirement benefits. The only other property that the couple owns is a car worth $3,000 and which is fully paid off. Thr assets available, these also may be used in a tradeoff. An example of a trade-off of retirement benefits would be as follows: Spouse A has benefits in a retirement plan which are valued at $5,000, aetain the full interest in the plan. If there is a family home, the spouse retaining the home may trade his or her share of the pension plan for the other spouse's share of the home. If there are othe be accomplished by trade-off. Since a retirement plan is very difficult to divide without actually terminating it and cashing it in, the easiest method for division is for the spouse who owns it to rurately value the benefits, you may wish to consult an attorney to be certain that you do not lose any rights to this benefit. If the value of the plan can be ascertained, division of the benefits cansion or retirement funds may be the largest single asset that they own. If you feel that the value of your share of your spouse's pension or retirement plan may be significant or you are unable to accble time and you or your spouse have substantial contributions to retirement funds or pension plans, you should get expert assistance in valuing these funds. For many older Americans, the value of penen married for very long, the value of the retirement plan may be very little and a rough estimate of its value may be used for purposes of division. If, however, you have been married for a considerauld be due if the plan was immediately terminated. For an actual detailed valuation, a professional actuary skilled in pensions, an accountant, CPA, or an attorney may be necessary. If you have not bely be necessary to determine how much money was contributed and when the contributions were made. You may also ask them to give you an estimate of the current value of the plan or tell you how much worder to determine a plan's value for division, an estimate of the current value of benefits that accrued during your marriage is necessary. The assistance of the administrators of the plan will probabEmployed Person's Individual Retirement Account (SEP-IRA's); HR-10 Retirement Plans (KEOGH's); IRS 401(K) Retirement Plans; Tax Sheltered Annuities (TSA's); Employee Stock Option Plans (ESOP's); In oy have a slightly different method for determining what benefits are available and when they are due. Some common retirement arrangements are: r r r r r r Individual Retirement Accounts (IRA's); Self-to divide the value of a pension or retirement plan is actually determining what the actual present value is. Factors for consideration 4 There are many different types of pension plans and each mahe marriage, there is no reason why such benefits should not be considered as part of a spouse's income or assets which should be shared with the other spouse. The most difficult aspect of attempting etirement and pension plans which were accumulated during a marriage to specifically be subject to division by the court upon divorce. Realistically, if the benefits were earned during the course of tansferring real estate, you may wish to use a real estate broker, title or escrow company, attorney, or bank. Retirement and Pension Plans A majority of states now consider the value of benefits in r the other for his or her share of the home), this should be secured by a Deed of Trust or Mortgage. Any deeds or mortgages must be recorded in the office of your county recorder. For assistance in trship" or "tenancy-by-the-entireties") to a third party upon a sale of the home will generally require a warranty deed. If there is to be a note taken back by one spouse (where one spouse agrees to payhe home to one spouse, a deed (usually a quitclaim deed) will be necessary. To transfer the title from joint marital ownership (usually referred to on the deed as "joint tenancy with right of survivorip under this method, it is more likely to cause later problems and is therefore less favored and no settlement agreement clauses for use in this situation are included. To transfer the ownership of tession. An agreement allowing possession until the children are grown and an agreement on when the home will be sold should be reached if this method is chosen. Because of the continuing joint ownershn structuring these particular deals. Another less common method would be for both spouses to retain shared ownership of the home as tenants-in-common, with the spouse with the children retaining possn are grown. Marital settlement agreement clauses relating to these rather complex methods are not included in this book. A real estate professional or an attorney should be consulted for assistance ier spouse a note for payment of the one-half equity interest and either defer payment until the house is sold, make payments directly to the other spouse, or agree to pay off the note when the childre other methods may be: (1) for the spouse retaining possession to take out a second mortgage and pay off the other spouse from the proceeds; and (2) for the spouse retaining possession to give the othhould receive a trade-off of cash or property worth $7,500. This trade can be accomplished in a number of ways. If there is sufficient cash or property available, it is a relatively simple matter. Two something worth the one-half value of the equity of the home. Again, using the example above, if the equity of the home is $15,000, and the home is to be transferred to one spouse, the other spouse se transferred to the spouse who wishes to retain possession. When there are children, this will normally be the spouse with physical custody. This transfer is generally made in a trade or exchange fory. Whether there are children or not, you may decide that one of the spouses will retain possession of the house. To accomplish this, there are several standard methods. First, title to the home may b Factors for consideration 3 and to have possession of the family home, in reality in nearly every divorce situation involving children, it is the spouse without custody who fares better economicallrests of the children. In addition, it lessens the severe economic burdens that may be placed on the spouse with custody. Although it may seem one-sided for one spouse to have custody of the children division which will allow the spouse who retains physical custody of the children to remain in the family home. This is highly favored by most judges and is generally considered to be in the best inteand shared in an equal manner. Next, you may wish for one spouse to keep the home. If there are minor children who have lived in the home, serious consideration should be given to finding a method of d equally, each spouse would receive $5,750 from the sale and division of their home. There will also usually be tax consequences to the sale of your home and any tax liabilities should be considered $50,000 home, pay off the mortgage, and have a gross profit of $15,000. Out of this would come any real estate commission, usually about 7% or $3,500. This would leave a net profit of $11,500. Divideethods by which to deal with a family home. First, the simplest method of dealing with the division of the home is to sell it and divide the net proceeds. In the example above, a couple might sell theity value of any property that you will be dividing with your spouse. By using the above example, we can examine the various ways to deal with the division of a house. In general, there are two main m loans) in order to determine the "equity" in the home. For example, if your home is appraised at $50,000 and your mortgage balance is $35,000, then the "equity" in your home is $15,000. It is the equation of its current market value. Once you know the market value, you must subtract how much is still owed on the mortgage or trust deed (including any amounts owed on second mortgages or home-equitylue of the home. You can determine this by the use of a professional real estate appraisal. If you have not owned the home for very long, local real estate brokers may be able to give you a good indicen two divorcing spouses will be difficult. Many different factors will influence your ultimate decision on how to account for your home. The first thing you will need to know is the current market vaidual consideration. Specific types of property will be discussed below. The Family Home For most people, a home is, by far, their most important possession. Any attempt to divide a single home betweuld affect your agreement on the division of property. Considerations Regarding Specific Property Regardless of what type of property division system your state uses, certain properties require indive. Factors for consideration 2 If the property settlement discussions can be kept on a rational and mature level, you and your spouse are in a far better position to determine how these factors shore used as an outline for the presentation of evidence to courts in an effort to show that certain elements of a couple's life together should have a bearing on how their property is divided on divorciled factors for consideration were developed in an effort to somewhat quantify the process of property distribution for judges who knew little or nothing about a couple's actual circumstances. They aerations. In short, it must be fair to both you and your spouse. How each of these factors should be taken into account is up to you and your spouse. What is important to understand is that these detaze that all of the provisions that you discuss relate to each other. For your agreement to be a success in eliminating discord from your divorce, it must be a careful balance of all factors and considlist, the division of property is generally considered to be interrelated to any provisions for alimony and child support. As you work through your marital settlement agreement with your spouse, realihe marriage; The tax consequences of the property division; How and by whom the property was acquired; The economic needs of each spouse; and Any other relevant factor. As you can see from the above f any retirement benefits, including social security, civil service, military and railroad retirement benefits; Any child care or child support burdens; The standard of living of both spouses during tome; The time necessary for either spouse to acquire sufficient education to enable the spouse to find appropriate employment; The present and potential earning capacity of each spouse; The presence otion and vocational skills of each spouse; The income and liabilities of each spouse; The employability of each spouse; The opportunity of each spouse for further acquisition of capital assets and incroperty for marital purposes; The economic circumstances of each spouse at the time the division of property is to become effective; The amount of alimony that either spouse may be awarded; The occupa of each spouse; The value of each spouse's separate property; Any increase or decrease in the value of the separate property of each spouse during the marriage; Any depletion of a spouse's separate p r r r r r r r r r r The contribution of each spouse to the acquisition of the marital property, including the contribution of each spouse as homemaker; The length of the marriage; The age and healthconsequences of your property division may also be an important factor. Other relevant factors which may be considered in the division of property: Factors for consideration 1 r r r r r r r r r r rh have accounted for the economic contributions to the marriage, whether such contributions are tangible (wages, salary, etc.) or intangible (homemaking, child care, career sacrifices, etc.). The tax ifices that one spouse has made to put the other through school is also increasingly being considered as a factor in property divisions. The trend is for the consideration of any relevant factors whice to a couple's children, the efforts of a spouse in caring for children and homemaking are now specifically being considered as a relevant factor in a majority of states. The career and economic sacrred to account for these assets. Such economic misconduct may influence your right to property and support. In order to attempt to equalize the treatment of homemakers and spouses who give primary carithout the aid of a lawyer or mediator. Do not try to hide or conceal any of the assets that belong to both you and your spouse. If your divorce ends up contested and before a judge, you will be requicuss the closing of a joint account, or if you fear that your spouse may attempt to clean out your accounts, you will probably not be able to cooperate enough to reach a marital settlement agreement wion. This, however, should be a joint decision. The obligations and proceeds of these joint accounts will then be dealt with in your settlement agreement. If you do not trust your spouse enough to disthe money, running up major joint bills in anticipation of divorce, or other such vengeful acts. It is wise to close all of your joint bank accounts and cancel all joint credit cards upon your separatues to be a factor. Economic misconduct is generally viewed as one spouse attempting to hide any property from the other spouse, dissipating joint assets, cleaning out joint bank accounts and keeping ion, cruelty and other marital faults have no bearing on property decisions in a majority of states. However, in many states (even those which do not consider marital fault) economic misconduct continthere have been some substantial changes in what factors are considered relevant in dividing a couple's property. Marital fault is no longer a factor for consideration in most states. Adultery, desertgiven to each factor. Rather, the list of factors is to be used as a guideline to balance the contributions of each spouse and attempt to arrive at a fair division of the couple's property. Recently, judges to consider what has been determined to be relevant factors in dividing the property. Each factor carries no specific weight in the decisions to be made. In no state is a particular preference tatutes for the judge to use in making any property distribution decisions. These factors are present in both "community property" and "equitable distribution" states. Each state is free to allow its an independent appraisal made of the property. Instructions ­ Property Worksheets Kits 2 Factors for Consideration in Property Divisions In most states, there is a list of factors provided in the s a particular piece of property, the property can be sold and the proceeds simply divided in half. If a specific value cannot be readily attached to a particular piece of property, it is wise to have r settlement. If one spouse truly desires the property, other property or cash may be traded for the property sought in order to essentially equalize the division. If an agreement cannot be reached onide all of the listed marital property and bills into two equal or equitable shares. Certain pieces of property will not be easily subject to division. For those, there are various ways to reach a faiould make a general listing of all of the bills that you and your spouse have accumulated. These, too, will need to be divided. The next step will generally be the most difficult. You will need to diver to all property that you and your spouse agree should be subject to division. This should include all of your property that is not listed in the separate property section. At this same time, you shance. The next step will be to list, in the general areas provided, the type and value of all of your marital property. For the purpose of this worksheet, the term marital property will be used to refw on the matter or simply because of your agreement as such. Generally, this is property that either of you owned prior to your marriage and any property that either of you acquired by gift or inherithe separate property of each. For this worksheet, we will use the term separate to mean that property that you and your spouse agree is not to be subject to division, either because of your state's lawing Worksheet, you will be able to clearly and fairly decide who will get which pieces of property. The first step in filling in your Worksheet should be to list the property that you both agree is tthat your spouse may be attempting to conceal. 3. Property Division Worksheet You and your spouse should use the Property Questionnaire to examine your total property holdings. Then by using the follo. If your spouse refuses to supply you with any of the important property documents, you may need to seek the aid of an attorney in order to protect any rights that you may have to property or assets elate to your situation in order that you will both be fully aware of the details and nature of all of your property. Next to each document, note who has the document and where it is currently locatedThis list is comprehensive and not all of the documents listed will apply to your particular circumstances. It is, however, important for you and your spouse to assemble all of the documents that do r Document Checklist Instructions ­ Property Worksheets Kits 1 The documents listed on the checklist should be assembled for use in understanding and arranging for the distribution of your property. l be able to have in front of you all of the necessary and relevant information for preparing a marital settlement agreement or completing any necessary paperwork for your divorce filing. 2. Propertyh of you will need to prepare one of these forms for attachment to your completed marital settlement agreement. SPECIFIC INTRUCTIONS: 1. Property Questionnaire By filling in the questionnaire you wilecessary for valuing and dividing your property. After the questionnaire and document list, there is a property division worksheet on which you will list the property that each spouse will retain. Botut it is crucial in understanding and properly dividing your possessions and obligations in a fair manner. Following the questionnaire is a property document checklist for assembling those documents n areas which apply. Each spouse should fully answer as many of the questions that he or she is able to. You should include everything that you and your spouse own or owe money on. This is a big task bypes of property. In order to try to list every possible type of property, this questionnaire is very comprehensive. Many of the listings may not apply to your particular situation. Fill in only those no property to divide, in order to make sure that your marital settlement agreement covers all of your property, you should fill out the following questionnaire. It is very easy to overlook certain trior to actually making the important decisions regarding the division of your property, it is important to have before you a complete inventory of all of your property. Even if you feel that you haveion of your property on an amicable level. The division of your marital property may be the most important economic event of your lives, and should be dealt with in a mature and businesslike manner. Pettlement. This, however, is not a productive manner in which to approach the division of you and your spouse's property. As much as is possible, you should attempt to keep the discussion of the divis of their spouse during the course of a modern divorce proceeding. Thus, there may often be a tendency to attempt to bring anger and animosity to bear on the other areas left to resolve in a divorce sents may arise. As the change to no-fault divorce has essentially removed the relevance of marital misconduct from consideration, many spouses are unable to vent their hostilities regarding the faultsolder, © Nova Publishing Company 2004 In the course of your attempts to reach a marital settlement agreement with your spouse, the division of your property is one of most likely areas in which argumals. An attorney should be consulted for all serious legal matters. Information ­ Property Worksheets Kits 1 Instructions Divorce - Property Worksheets Kit Provided under agreement with copyright hsiness interruption) however caused and on any theory of liability, whether in contract, strict liability, or tort (including negligence or otherwise) arising in any way out of the use of these materible for any direct, indirect, incidental, special, exemplary, or consequential damages (including, but not limited to, procurement of substitute goods or services; loss of use, data, or profits; or bu The materials are used at your own risk. In no event will: i) FindLegalForms, Inc, its agents, partners, or affiliates, or ii) the providers, authors or publishers of the forms, be responsible or liagalforms.com. These materials are provided "AS-IS." We do not give any express or implied warranties of merchantability, suitability or completeness for any of the materials for your particular needs.nship is created by use of these materials. FindLegalForms, Inc. does not provide legal advice. The purchase and use of these materials is subject to the "Disclaimers and Terms of Use" found at findle also details the history of your marriage. Property Division Worksheet ­ will help you make certain decisions regarding the value and division of your property. Disclaimer No Attorney-Client relatiosions. Property Checklist ­ provides a list of documents which should be assembled when arranging for marital property distribution. Property Questionnaire ­ covers your basic personal information andhat your marital settlement agreement properly addresses all of the relevant issues. This kit includes the following items: · · · · Instructions and information on factors to consider in property divir property, it is important to have before you a complete inventory of all of your property. Even if you feel that you have no property to divide, you should complete the forms in this kit to ensure tInformation Divorce - Property Worksheets Kit Provided under agreement with copyright holder, © Nova Publishing Company 2004 Prior to actually making important decisions regarding the division of you Texas