Asset Division in Tennessee
Clarksville, TN Asset Division Lawyers
Once individuals choose to get divorced, they need to determine how they will divide their shared assets, which is known as "marital property." These assets can be real estate property, cash, bank accounts, personal belongings and various other types of property.
Marital property usually includes assets that were acquired by either spouse during the time of marriage. Separate property (or property that legally only belongs to one spouse) is usually property that is acquired by one of the individuals before the time of marriage, though other definitions also apply.
In the state of Tennessee, marital property typically subject to equitable distribution, meaning it must be divided fairly. Sometimes this will involve dividing the property or the ownership interests in the property equally, while other times it is considered fairer to provide one party with a larger share of ownership, or even complete ownership. It is important to note that certain types of property might be considered separate property, meaning it is not subject equitable distribution.
How Does the Court Divide Property?
It is more beneficial when parties can come to their own agreements about how their property will be divided. When this is not possible, it becomes necessary for the case to be handled in court, which means a judge will make the final decision about what is considered separate property and marital property, as well as how the marital property will be divided between the two parties.
When a court makes a decision concerning division of assets, several factors will be considered concerning both types of property. These can include, but are not limited to, the following: each spouse's economic circumstances at the time of asset division, the financial needs of each spouse, the duration of the marriage, the contributions each spouse has made to the property (such as to its acquisition of appreciation), and the value of each spouse's estate at the time of marriage.
How a Skilled Clarksville Asset Division Attorney Can Help
Asset division can become a very heated issue in a divorce, and it can potentially lead to costly and time-consuming legal battles. Our Clarksville asset division lawyers at Grimes, Sensing & Clemons PLLC work to help clients handle these issues in the most efficient way possible. Our goal is to help our clients protect their best interests and ensure that they are not being take advantage of by the other party in their divorce proceedings.
Contact us so that we can begin advocating on your behalf!