Division of Property And Equitable Distribution: How It Works
Especially for lengthy marriages, dividing property during divorce in Tennessee is no easy task. Not all property is subject to division, and identifying and quantifying marital property is a challenge in itself. Even once the parties have defined the marital estate; it is not simply a matter of dividing it down the middle. Courts consider a number of factors in reaching a distribution scheme equitable, but not necessarily equal. Therefore, divorcing spouses must also analyze these factors during negotiation to avoid selling themselves short.
Having served the Clarksville area for more than 18 years, our attorneys at the Kennedy Law Firm, PLLC have the experience and insight you need to approach the negotiating table with confidence. You can rely on us to bring to bear our negotiation acumen and our exemplary reputation as accomplished, aggressive litigators to protect your property rights during divorce.
What property is subject to division?
Even before they can begin negotiating the division of marital property, parties to a divorce thoroughly must identify and value their property and determine what is subject to division and what is not. Property acquired by either spouse prior to the marriage and gifts and inheritance given to one spouse only are usually not subject to division. Personal injury awards, to the extent they reflect pain and suffering, future medical expenses and lost wages, are also exempt.
If spouses pool their separate property, however; it quickly becomes more complicated. Likewise, if separate property is used to acquire a business or other asset that increases in value due to the effort of one or both spouses, the lines between separate and marital property can become blurred. At the Kennedy Law Firm, PLLC, our attorneys have access to a distinguished network of accountants and other financial and economic professionals who can provide expert analysis to resolve complexities in the division of marital property.
Factors influencing division
Division of marital property in Tennessee, as in most states, is largely subjective. There is no formula for determining what is fair; there is only a set of factors that judges must consider in arriving at a decision:
Fault is not a consideration in deciding equitable distribution as it is for alimony. The goal, instead, is to give each party a share of the marital estate reflective of the role each played in amassing it. Getting a favorable equitable distribution requires insight and judgment only acquired through years of experience. For this reason, people throughout Clarksville count on the Kennedy Law Firm, PLLC and our team of dedicated attorneys to help them resolve these difficult issues.
Call us today for knowledgeable counsel and committed support
As they have since 1995, people throughout Tennessee continue to depend on the Kennedy Law Firm, PLLC to handle their divorces in an expedient and sensitive manner while still protecting their rights. Our three Clarksville office locations serve clients throughout the counties of Montgomery, Davidson, Stewart, Cheatham, Houston, Dickson, Humphreys and Henry. Call today at 931-444-5620 or contact us online to schedule a free consultation to discuss your situation with one of our knowledgeable attorneys.