What to know about inventory sheets

On Behalf of | Apr 28, 2021 | Property Division |

Using an inventory sheet may be advantageous in your divorce case. There is a possibility that the Texas judge overseeing your case will require you to submit an inventory list as part of the marriage dissolution process. Even if you aren’t required to create such a document, it can make it easier to determine what you may be entitled to in a final settlement.

An inventory sheet should include the status of a given item

As a community property state, Texas law assumes that you’re entitled to 50% of a marital estate. Furthermore, it’s generally assumed that you’re liable for 50% of any joint debts that exist at the time of a divorce. However, you’re generally not required to split assets that are considered to be separate property, and you’re typically not liable for any debts that are solely in your spouse’s name. Creating an inventory sheet can help you determine if a given asset or debt needs to be allocated in a final settlement.

Have an attorney review the document before it’s submitted

An attorney will help to ensure that the list that you’ve created is an exhaustive one. If it’s determined that you have willfully omitted an item, a judge may issue an unfavorable property division ruling. Furthermore, the attorney can make sure that any sensitive information contained within the document has been redacted in accordance with state law.

Keeping good records may allow you to settle a divorce in a timely and affordable manner. Your attorney may help you obtain, organize and submit the information needed to help achieve this goal.