Can the Stimulus Check Affect Asset Division in a Divorce?
Over 700,000 couples will be divorced this year. For many of these divorces, financial issues are to blame. Couples who now must divide up their assets must include their stimulus checks as well. That’s because the checks are considered to be marital property.
If you’re dealing with a divorce, you may have questions about the division of your assets, including stimulus money. Our Murfreesboro divorce attorneys want to help, and we are ready to answer all of your questions.
Stimulus Checks and Divorce
It can get confusing if the government deposits a joint stimulus check while your divorce is pending. The check will be deposited in the account that is attached to your most recent tax filing. If that account is no longer a joint account, that could be an issue. And if you and your impending former spouse are contesting the division of assets, the addition of a stimulus check into the mix can make things even trickier. Let our Murfreesboro divorce attorneys help you sort through the details and resolve the problem for good.
Marital Property in a Tennessee Divorce
Tennessee law states that only marital property is subject to equitable division upon divorce. This means any property acquired by you or your spouse during your marriage must be split equitably. Many marriages have considerable amounts of marital property, especially if your marriage has lasted for several years. Here are a few common examples of marital property.
- Houses and other property
- Checking and savings accounts
- Stocks and investment accounts
- Individual retirement accounts (IRAs), pensions, and 401(k)s
Not all property is subject to division. Separate property, for example, is property you or your spouse owned before you were married, and it does not have to be divided. The same goes for any property you received as a gift or inheritance.
Is Property Division Equal in Tennessee?
As an “equitable distribution state,” marital property must be divided fairly and reasonably in Tennessee. However, that does not mean the property is divided 50-50 between both parties.
Tennessee courts account for numerous factors to calculate the equitable division of property during a divorce. Here are a few factors the courts consider:
- The length of time of your marriage
- The financial needs of both parties
- The contributions of each partner to acquiring property and assets
- The skills and earning capacity of both partners
- The ages and health status of each partner
Let a Murfreesboro Tennessee Divorce Attorney Answer Your Questions
Even in an amicable divorce, the division of assets can get very complicated. Mix in a stimulus check, and things can get pretty tricky. Schedule a free initial consultation with Dotson & Taylor to get answers to your most pertinent questions. Our office is located in Murfreesboro, and we serve clients throughout Middle Tennessee.
Our compassionate family law attorneys can help you with any divorce-related issues. Call Dotson and Taylor, Attorneys at Law, at 615-890-1982 or contact us online now.