Dividing Assets During a Divorce
Tennessee law requires the equitable division of assets during a divorce.
Getting a divorce is one of the most challenging things you may ever go through. Not only does a divorce mean emotional trouble, but it can be logistically difficult, too. Before a couple’s divorce can be finalized, the couple will need to reach an agreement about the issues of the divorce, including the division of assets and debts. Here is a look into how this process works, what the law says, and how a skilled Tennessee divorce lawyer can help. Call Judy Oxford, Attorney at Law, to get assistance on the process.
How to Divide Assets During a Divorce
The first thing a couple should know about dividing assets (and debts!) during a divorce is that the couple has every right to reach an agreement between the two of them outside of the courtroom. In fact, doing this is highly recommended. Many people are not able to reach an agreement on their own, and mediation is a great way to help couples come to an agreement. It can make the divorce process shorter, and it is much less expensive than taking the litigation path to get to trial. Mediation is also typically much less contentious than is litigation.
What if I Cannot Reach an Agreement With My Spouse?
In the event that you and your spouse cannot reach an agreement about dividing property outside of the courtroom, even after assistance from a mediator, then you will need to get ready to have a trial. If you have a trial, then the judge will make a decision based on Tennessee’s property division laws. Under the law, all marital property (not separate property, which is kept separate) is subject to equitable division. Note that equitable does not mean equal; it means fair and just. In determining what is equitable, the court will consider the factors listed in the Tennessee statute, which include the following:
- The length of the marriage;
- The age, physical and mental health of each party;
- Each party’s vocational skills, employability, and earning capacity;
- The ability of each party to acquire future assets;
- The tax consequences to each party;
- Each party’s contribution to the acquisition of the property, with the contribution of a party as homemaker or wage earner to be given the same weight if each party has fulfilled its role; and
- Any other factors necessary to consider the equities between the parties.
How Can a Divorce Lawyer Help Me?
When you find yourself in a disagreement with your soon-to-be-ex-spouse about how property should be divided, it’s best to contact an attorney. Your attorney will explain the law and what equitable distribution looks like, as well as what type of arrangement the judge may order. Your attorney can represent you in mediation and negotiations, and help you to reach a compromise with your ex. Should your case go to court, your attorney will advocate for your best interests and work hard to present evidence to the court that is favorable to your case. Of course, an attorney can provide representation through the entirety of your divorce case, not just during property division settlement talks or litigation.
If You Have Questions About Property Division in a Divorce, I Can Help
I am Attorney Judy Oxford, and I know how challenging going through a divorce is. I have years of experience and work hard to try to get my clients the best possible case outcomes. Call me today at 615-791-8511 or fill out the online form on the website to schedule a consultation about getting my help on your case.