Characterization of Separate and Community Property in Texas

Discovery is the process by which you and your spouse request and exchange financial information about all of your assets and debts, something you’re required to do as part of your divorce. This is usually done by exchanging sworn inventories of all of the assets and debts known to you.

The discovery process may be informal and voluntary, or it might involve financial affidavits, depositions, and the subpoenaing of records. We’ll guide you through the process to make sure that you and we have all of the information needed to clearly assess your financial situation and move forward with dividing your assets.

As part of the discovery process, our team will conduct an in-depth evaluation of your marital property by inventorying assets such as:

• Real estate
• Personal belongings, jewelry, art, antiques, and unique items
• Motor vehicles and boats
• Securities and bonds, pensions, annuities, and retirement accounts
• Trusts and brokerage accounts
• Family-owned businesses, interests in business entities, closely held corporations, or partnerships
• Intellectual property and electronic data and property
• Reimbursement claims

As you might expect, valuing assets such as stocks and bonds is very different from valuing property such as jewelry or wine. When placing a value on what you have, we consult with professionals including appraisers, tracing experts, real estate agents, accountants, and experts in unique items.

Once we’ve determined the value of your marital estate, we can help you assess your current and future financial needs so that we can start making decisions about which assets will benefit you the most after your divorce. Our lawyers understand that many items are more important due to their sentimental value and will strategize ways to preserve these items during the property division, while simultaneously adhering to Texas divorce law. Community property and all other important aspects of your divorce should be handled by an attorney who intimately understands the nuances of divorce in Texas. Allow Goranson Bain Ausley to provide the expertise and legal services needed to best secure your future.