Making a List and Checking it Twice
At the end of this section is an Inventory and Appraisement worksheet to aid you in characterizing your property as community or separate. This is a list, which both you and your spouse will complete, of all your known assets and liabilities.
- List all separate property, including property you owned prior to marriage, or that property which you acquired during the marriage through gift or by inheritance.
- List all community property.
- You must also list both separate and community debts.
- It is also important that you list all of your bank accounts held, the banks or institutions where they are located and the account number.
The Value You Place on Your Personal Property
Please keep in mind that the value of each item is not replacement value, or original purchase price - it is the price a reasonable person would pay for that item today (fair market value). When determining a fair market value you need to turn the tables - in other words, ask yourself whether you would take that item at the value you have given it as part of your award of property.
You Can Amend If Necessary
You can always amend your inventory to add forgotten items or to change assigned values.
Your Inventory and Appraisement is Signed under Oath
After the inventory is prepared, the party making it must sign it before a notary public, swearing to the truth and completeness of the inventory. Then, if it is later determined that one party knowingly made a false inventory, the other party may be able to reopen the case and receive additional property. And, if it is later determined that there was additional property inadvertently omitted, that property may be divided (partitioned) between you and your spouse when it is discovered, depending upon the wording of your divorce decree.
You need to take this task seriously, and update your lawyer on any necessary changes.
Organize Back-Up Documentation
Please locate and keep all documents which will help us ascertain account numbers and legal descriptions such as deeds, bank records, loan papers, and the like.