As you prepare for your divorce in Plano, Texas, you are bound to have to deal with property division. A phrase you might hear a lot of is “fair and equitable division of property.” In most states, courts divide a married couple’s assets in a reasonable and fair way.
The court’s analysis focuses predominately on the couple’s economic status at the time of the divorce. If one spouse has an economic disadvantage, the court may create a fair result through fair and equitable discretion. A court may consider the following factors:
- Whether one spouse contributed to the household as a stay-at-home parent or homemaker
- How long the couple remained married
- Financial needs of both parties, including parenting and custody costs
- The parties earning capacities compared to one another
Most divorcees consider tangible belongings first. This includes homes, personal property and money. The exception comes in the case of celebrities. Celebrities focus on intellectual property as well as tangible property and everyday couples could benefit from this approach too. Division of property also applies to trademarks, royalties, copyrights and patents. If the value of intellectual property increased while married, then the court divides that value. If a piece of intellectual property gained no value throughout the marriage, then you wouldn’t split it with your spouse.
Courts tend to settle property division suits to ensure that both parties have a fair economic shot apart from one another. The information here provides you with an idea of what fair and equitable division of property is. You should not interpret it as legal advice.