As a part of your divorce, you will be required by the court to complete an Inventory and Appraisement form. This form will detail specific information about the property that you own separately from your spouse and the property that is better classified as community property, i.e. property that you own with your spouse. Community property is also referred to as marital property in the world of Texas Family Law.
Specific information about your family home (if you own a home) must be disclosed on this form. The address, fair market value, mortgage value, names on the mortgage and the information for you mortgage must be listed. Additionally, if you own a rental, vacation or investment property the same sort of information but be provided to your court. Doing so will give the judge an idea of what property is in play in the event that your case goes to a trial.
A range of topics such as vehicles, personal property, retirement accounts, investment accounts, checking and savings accounts, life insurance, employment benefits and club memberships must also be provided. The more accurate and complete you can make this form the better prepared you will be when it comes to dividing the community property owned by you and your spouse.
