Divorce can be a complex and emotionally charged process, especially when it comes to dividing property acquired during a marriage. In the state of Tennessee, the legal framework for property division is based on the principle of equitable distribution. This means that marital property is not necessarily divided equally, but rather fairly (in the eyes of the court), taking various factors into account. If you’re about to get a divorce, you need a team of competent Clarksville property division lawyers in your corner who can effectively fight for what’s rightfully yours.
Montgomery County Property Division Lawyers | Protecting Your Hard-Earned Assets
One of the most complicated, and hotly-contested divorce-related issues is property division. If you’re getting divorced, you may wonder who will get to keep the house, assets held in bank accounts, and more. Importantly, you need a competent team of Clarksville family lawyers in your corner who can effectively fight for your interests and get you the results you need.
Marital Property Vs. Separate Property
Before delving into the specifics of property division in Tennessee, it is crucial to understand the distinction between marital property and separate property.
- Marital Property: Marital property refers to assets acquired during the course of a marriage. This can encompass a wide range of assets, including real estate, vehicles, bank accounts, investments, and even personal belongings. In Tennessee, marital property is subject to division during divorce proceedings, regardless of which spouse holds title to it.
- Separate Property: Separate property, on the other hand, includes assets that are considered individual property and are typically not subject to division. These assets can include property owned by one spouse before the marriage, inheritances received by one spouse, gifts made specifically to one spouse, or any property explicitly designated as separate through a legal agreement.
Factors Considered When Distributing Marital Property in Tennessee
Courts will consider a variety of factors when dividing marital property in Tennessee. Some of those factors are as follows:
- Contributions to the Marriage: The court will consider each spouse’s contributions to the marriage, which can encompass financial contributions, homemaking, childcare, and even career sacrifices made to support the other spouse’s professional development.
- Duration of the Marriage: The length of the marriage can significantly impact property division. Longer marriages may lead to a more even distribution of assets.
- Financial Standing: The financial standing of each spouse, including income, earning capacity, and financial needs, is evaluated to ensure a fair outcome.
- Tangible and Intangible Contributions: The court takes into account both tangible and intangible contributions, such as the value of one spouse’s education or the sacrifices made to support the other spouse’s career aspirations.
- Fault in the Marriage: While Tennessee is a no-fault divorce state, the court may consider marital misconduct (such as infidelity or abuse) when making property division decisions.
- Tax Consequences: The tax implications of property division are also taken into consideration to ensure an equitable distribution.
- Future Financial Prospects: The court may assess each spouse’s future financial prospects and needs, especially if one spouse is financially dependent on the other.
- Custody Arrangements: If children are involved, custody arrangements can impact property division, as the custodial parent may require more resources to provide for the children.
- Asset Valuation: Proper valuation of assets is crucial to ensure an accurate division. This includes valuing real estate, businesses, investments, and personal property.
- Prenuptial and Postnuptial Agreements: Any valid prenuptial or postnuptial agreements in place can significantly influence property division, as these agreements may specify how assets are to be divided.
Contact Our Property Division Lawyers Today
If you have any questions about equitable distribution or divorce in Tennessee, or if you need guidance on your specific situation, please don’t hesitate to reach out to our dedicated team of property division lawyers for assistance. Fendley & Etson stands ready to help.
