When divorcing in Texas, some spouses may be required to disclose their finances to the court. Most divorces do not require financial disclosure; however, when divorce lawyers assist spouses seeking spousal support, financial disclosure may be required. This disclosure is needed so that divorce attorneys and the court can determine if a need for support exists and if the requesting spouse is qualified to receive such payment
What Is A Financial Disclosure?
When a couple divorces and one spouse requests spousal support or alimony from their former spouse, that spouse will have to prove a financial need for the support. Both spouses must disclose information that will prove their financial condition after the divorce so that the court can determine whether the requesting spouse should receive such support.
When there is no request for alimony, the spouses may not be required to disclose this information as long as they and their divorce lawyers can successfully negotiate the division of marital property and/or child support. When a request for support is made, the court looks more closely at income and debt to determine whether the requesting spouse’s request for post-divorce maintenance is justified.
What Information Is Required for Financial Disclosure?
Information that should be submitted for support consideration includes any and all income that the requesting spouse receives, as well as all liabilities or debt. Liabilities may include mortgage and car payments, health care premiums, credit card debt, taxes, and other financial responsibilities.
Other disposable information includes certain intellectual property rights like copyrights and patents, investments, and other assets. Divorce attorneys must submit this information to the court using the required Proposed Support Decision and Information form.
How Is This Information Used?
Most Texas divorces do not include a request for spousal support. When divorce lawyers determine that a requesting spouse has a genuine need for this support and fits other qualifications, the court reviews both spouses’ finances as well as other factors. Eligibility to receive financial support is not based on financial disclosure alone, a number of other qualifications must apply.
These qualifications include a marriage that has lasted a minimum of ten years and the requesting spouse can demonstrate an inability to provide for their most basic needs. Divorce attorneys note that consideration is also given when the requesting spouse has primary custody of a child with special needs, if there is a history of domestic violence with the couple, or if the requesting spouse has some sort of disability or mental health condition. After viewing the total situation, the family court will determine whether the requesting spouse is eligible for support, and how much assistance will be given.
Although this financial information is not typically required in a standard marriage termination, divorce lawyers must be prepared to submit financial disclosures in cases where one spouse wishes to request spousal support. The information helps the family court make the best decision on who should receive alimony and at what amount, based on both spouse’s income and financial responsibilities.
To learn more about financial disclosure and requesting support, spouses seeking alimony should discuss their circumstances with experienced divorce attorneys who can advise on the issue!
Garza & Elizondo, LLP
680 East St. Charles St, Suite 600
Brownsville TX 78520
1393 East Alton Gloor Blvd, Suite 12
Brownsville TX 78526