Dallas Immigration Lawyer

  1. Home
  2.  → 
  3. Family Law And Divorce
  4.  → How property division works in Florida

How property division works in Florida

Divorce proceedings in Texas involve a comprehensive process of property division. The goal is a fair and equitable distribution of assets between spouses.

Understanding the key aspects of property division can help individuals navigate this aspect of divorce.

Defining community property

Texas follows the community property system. State courts consider assets acquired during the marriage to be community property. Both spouses jointly own community property. Examples include income, real estate and possessions obtained during the marriage.

Identifying community property

The first step in property division is identifying community property. Inventory assets such as the family home, vehicles, bank accounts and retirement savings. You also need to inventory debts accrued during the marriage.

Separate property includes assets owned by one spouse before the marriage. It also covers acquired by gift or inheritance during the marriage. These assets typically remain with the individual who owns them. They are not subject to division.

Defining equitable distribution

The court aims for an equitable distribution rather than an equal split. Factors under consideration include the length of the marriage, each spouse’s financial situation and their contributions to the marriage.

Both spouses have responsibility for marital debts and financial obligations. The court will also strive to divide these accounts fairly. The average Florida household has nearly $9,053 in credit card debt, second only to Texas and California.

Negotiating a property division agreement

Couples in Texas can mediate a property division agreement outside of court. Mediation allows spouses to collaborate amicably with the help of a neutral third party. It can provide a more amicable and personalized resolution to the property division process.

By grasping these key concepts, individuals can handle the property division process with clarity and fairness.