Divorce Need-to-Know: Inventory and Appraisement
There is so much paperwork that you have to handle during the divorce process - petition/answer, disclosure, discovery responses, etc. One of the most important documents that you need to fill out as part of your divorce process is the “Inventory and Appraisement” (commonly known as the “I&A”).
The “Inventory and Appraisement” is a document that lists all of the parties’ assets and liabilities that exist at the time of divorce, regardless of whether the property is community or separate in nature. The purpose of the document is to allow the parties and the judge determine the items that need to be accounted for in a property division or settlement.
Whether or not the Inventory and Appraisement is required in a divorce case depends on the judge and the local rules. You should always check with your court clerk and the local county rules to determine if you need one for your case.
Generally, the Inventory and Appraisement needs to be a sworn document, which means that when you sign it, you are swearing under oath that the information listed is truthful to your knowledge. Making false claims or listing false information on your Inventory and Appraisement may result in the court finding you guilty of perjury, which may lead to sanctions against you.
The Inventory and Appraisement is a long, detailed document that asks you to provide information such as your assets and debts, as well as the other party’s assets and debts, that are known to you. These may include things like bank accounts, retirement accounts, credit cards, real property, mineral interests, vehicles, boats, antiques, mortgage, personal loans, etc. The list is quite comprehensive! It will also ask you to characterize the nature of each item listed as either separate or community. In addition, you should also include any bank statements, deeds, titles, and other documents that support the information you listed in the Inventory and Appraisement.
If you are unsure of a value of an item, you may want to do some research so that you can formulate your opinion as to its value.
You should also check with your court and carefully read through orders from the court to determine the deadline for you to file or exchange the Inventory and Appraisement with the other party. Typically speaking, it should be filed prior to your trial, though the specific instructions may vary from court to court.
This is an important document that allows the Court to determine the value and characteristics of your property in order to provide a just and property decision regarding its division. Therefore, if you are unsure as to what to do, you should have an attorney help you with it.
The content provided in this blog is for informational purposes only. This is not legal advice, and your viewing of this blog does not form any attorney-client relationship.
© 2021 All Rights Reserved.