Murfreesboro Divorce Lawyers Assist Clients With The Division Of Marital Assets
Experienced team secures fair division of property for clients
Divorce can be painful, emotional, and downright messy. Determining how your property will be divided with your spouse can make the process even more complicated. The easiest way to divide property in a divorce is for the couple to determine that amongst themselves. Unfortunately, many divorcing couples are not able to amicably decide how to address the division of property. In these situations, the matter is decided by the court. The property division process can get heated; having skilled legal counsel by your side can make the difference in your financial future. The trusted Middle Tennessee divorce lawyers at Dotson & Taylor Attorneys at Law advocate on your behalf to secure fair division of property in a divorce.
Equitable division of property in Tennessee
Every state has its own laws regarding the division of property in a divorce. The state of Tennessee follows the rule of “equitable distribution”. Under this rule, a judge determines the equitable distribution of the property, rather than simply dividing the property in two halves. It is important to note that “equitable” does not necessarily mean equal – the judge takes into account each spouse’s individual needs and financial means. Judges take into account the tangible contributions each spouse made to the marriage as well as the available Social Security and retirement benefits and the length of the marriage. A judge may decide that “equitable” means that two-thirds of the property goes to the higher earning spouse and one third goes to the other spouse. When the property is divided, the physical property itself is not actually split up. Rather, the court usually adds up the total value of the marital estate and grants each spouse a percentage. Reasons for the divorce or fault is not taken into account concerning property division.
What marital assets can be considered during property division?
Not all property that is acquired during marriage is considered marital property. Property owned by a spouse prior to marriage and property that is acquired by a spouse in exchange for property acquired prior to marriage are not considered marital assets. Neither is property that is acquired as a gift or inheritance. Marital assets that can be considered during property division include:
- Permanent, vacation, and retirement residences
- Rental property
- Closely held family businesses
- Motor vehicles
- Stocks and stock options
- Savings accounts
- Retirement accounts
- Pension plans
- Domestic pets
Our savvy Middle Tennessee divorce attorneys work hard to protect your fair share of property and other marital assets during divorce
The divorce process can be long and emotionally draining. The Middle Tennessee divorce lawyers at Dotson & Taylor Attorneys at Law understand that divorce is personal, difficult, and complex. Our nationally-ranked trial attorneys have more than 35 years of combined experience and are dedicated to safeguarding your interests. With compassion and sensitivity, our experienced team explains the divorce process, discusses your options, answers your questions, and addresses your concerns. To schedule a free consultation, contact our office today at 615-890-1982 or contact us online. Weekend and evening appointments are available upon request.
We serve clients in Middle Tennessee cities such as Murfreesboro, Smyrna, Franklin, Brentwood, Woodbury, Hendersonville, Gallatin, Lebanon, Mount Juliet, McMinnville, Manchester, Shelbyville, Lewisburg, Spring Hill, Columbia and others throughout the counties of Rutherford, Williamson, Cannon, Dekalb, Warren, Coffee, Bedford, Maury, Sumner, Robertson and Cheatham.