Clarksville Division of Property Attorney
When you get married, you each bring property and assets into the marriage and then, you may accumulate property together during your marriage. Some couples may have the funds in their bank accounts while others may have an extensive portfolio of high-value assets and real property. No matter what your situation may be, Tennessee law requires that you determine how to divide your marital property before the court can grant your divorce.
Whether you expect your property division to be relatively straightforward or know it will be a highly complex matter, you need an experienced divorce attorney in Clarksville on your side. Attorney Ryan K. McFarland ensures that each client receives a fair division of property outcome based on their circumstances and in accordance with Tennessee law. If you believe that divorce may be in your future, do not wait to contact McFarland Law for more information.
Tennessee law requires that divorcing couples distribute their marital property “equitably.” The first step in determining property division is to identify what is marital property and what is separate property. Generally speaking, separate property belonged to each spouse prior to the marriage, though it is not always that cut and dry. For example, if one spouse owned a home before the marriage and both spouses lived in the house and made mortgage payments together during the marriage, some equity in the house would still be considered marital property.
Marital property is property obtained during the marriage, and marital property does not have to be in the names of both spouses. If one spouse obtains business interests during the marriage, those interests could be considered marital property even if the other spouse was not actively involved. However, some assets obtained during the marriage may still be separate property, such as family gifts or inheritances that are not comingled with marital funds.
Identifying marital property can be a complicated task in itself. While each divorce is different, many property division determinations may involve the following and more:
Retirement accounts and pensions
Many people may think that “equitable” division means that everything is divided 50/50. This is not always the case, and equitable distribution requires that the division be fair, not necessarily equal.
Courts will review the entire situation and may award one spouse more property or assets if it is fair under the circumstances. If one spouse is keeping the family home, the other spouse may get the full balance of investment accounts. These determinations are made on a case-by-case basis, and you want the right attorney protecting your rights and interests throughout your case.
McFarland Law handles all aspects of Tennessee divorce cases, including complicated property division determinations. Attorney Ryan K. McFarland aims to resolve your divorce-related matters as efficiently as possible while ensuring you receive a fair outcome. Call 931-919-4376 or contact us online to learn more today.