Dividing Your Property In A Chattanooga Divorce
No one gets married with the intention to divorce. Still, life changes happen, and sometimes it is best for a couple to go their separate ways. If you and your spouse have established a life together, the issue of dividing property can be a complicated one, and you may be unsure what you can expect to obtain in a divorce.
Talking with an experienced divorce attorney is often a helpful first step. At Ken Lawson Law, our lawyer understands how emotionally taxing a divorce can be, and he offers a compassionate and thorough approach. We work closely with our Chattanooga clients to help them divide their property in a manner that serves their best interests while keeping an eye toward a positive future.
Understanding Tennessee’s Marital Property Laws
The state of Tennessee does not adhere to community property laws. This means that property acquired during your marriage will not necessarily be divided evenly. Tennessee instead adheres to an equitable distribution statute, which, despite its name, is not always equitable.
A judge will consider the following factors when dividing marital property:
- The financial situation for each spouse
- The contributions made by both parties to the marriage
- The length of the marriage
- The needs of any minor children
- The retirement benefits available to both spouses
Under certain conditions, you and your spouse can arrive at a property division agreement outside of court. If you can reach an amicable resolution, you may position yourself for a more beneficial settlement. An effective divorce attorney can advise you on your best available legal options.
What Assets Are Not Eligible For Division?
In general, any property that you held before your marriage is not up for division. There are also other types of assets that you may be able to retain, including:
- Capital gains on previously owned property
- Gifts
- An inheritance
- Financial awards from civil cases
Property division is often a difficult phase of the divorce process. For this reason, having an experienced Tennessee family law attorney who will fiercely advocate for your best interests is important. Our lawyer will work tirelessly on your behalf to reach the best available arrangement.
Property Division Frequently Asked Questions
Can retirement accounts be divided in a Tennessee divorce?
Yes, retirement assets that accumulate during the marriage are typically considered marital property and are subject to equitable division in divorce. Premarital assets will usually not be divided in divorce, however. One of the steps in dividing retirement accounts is to have them accurately valued near the time of the divorce. Our attorney can also prepare a Qualified Domestic Relations Order (QDRO) to provide directions on how the account(s) should be split.
What happens to the family home in a divorce?
There are several things that can happen to the family home in this situation. The first question you need to answer is whether the home is marital property. Marital property in Tennessee is divided equitably (fairly, not necessarily equally) between the spouses.
There are a few common scenarios that occur when dividing the family home:
- You can sell the house and split the proceeds equitably.
- You or your spouse can buy the other’s stake in the house.
- The court may give the house to one of you.
There are additional considerations when dividing a home, such as how long you have been married, the contributions you made to the marriage and your present financial situation. Speak with our divorce lawyer to learn about your specific circumstances.
How can you protect your assets during a divorce in Tennessee?
One of the first things you can do is to create a pre- or postnuptial agreement before or after you get married. If it’s too late for that, your first step is to contact an experienced Tennessee divorce lawyer who can protect your rights and interests in divorce. At Ken Lawson Law, our lawyer has over 30 years of experience helping people retain their assets in divorce. When you meet with him, he will explain how property is divided in divorce and then determine which property and assets are marital and which are separate.
To ensure you get your fair share of the marital property, it must first be valued. We can help you do this, finding valuation experts and specialized appraisers when necessary.
Is your spouse hiding assets? We can help you find them and seek your share of them.
You may also wish to work with a financial advisor to plan for life after divorce.
Start Protecting Your Interests – Call Us In Chattanooga Today
Our lawyer is prepared to help you through an emotionally trying time. To learn more about property division in Tennessee, please call us today at 423-800-6920. You can also schedule a free consultation by filling out our contact form.