Nashville Property Division FAQs Lawyer
Frequently Asked Questions about Property Division in Nashville Divorce Cases
A divorce case often asks couples to divide their property using equitable distribution. However, it doesn’t mean that everything must be divided into equal parts. It means that all assets are going to be divided fairly.
An experienced Nashville property division FAQs lawyer like Siew-ling Shea from Rogers, Shea & Spanos can assist you with asset tracking, complex property division, and other marital property problems. Years of training and experience have taught us several creative tactics to complete disputed property division cases while keeping their costs affordable for their clients.
Let’s now discuss five commonly asked questions regarding property distribution in Nashville:
Who Decides How The Property Should Be Divided During A Divorce?
All divorcing couples are entitled to determine how their property and assets will be divided. However, if you and your ex-spouse cannot agree to the terms of your settlement, a judge will help you divide the property fairly.
How Is Property Divided In A Divorce?
A judge will divide your property in one of two ways, based on the state where your divorce is. Nine states tend to follow the principles of community property while others rely on a system of equitable distribution. Let’s look at both these ways in detail:
Community Property: In Idaho, California, Arizona, Nevada, New Mexico, Wisconsin, Louisiana, Texas, and Washington, courts distinguish between community and individual property. Community property is all you acquire during your marriage, except for any property acquired by inheritance or gift.
Individual property, also known as separate property, is all the property you acquired before and after your marriage and property received during the marriage by inheritance or gift. During a divorce, a professional Nashville property division FAQs lawyer will ensure each party retains their separate property. In contrast, any community property you share will be divided equally between you and your ex.
Equitable Distribution: In all other states, a judge will divide marital assets equitably. In equitable distribution, a judge will distribute all property acquired during your marriage in a way that’s fair to both parties. While South Dakota, Alaska, and Tennessee are equitable distribution states, individuals within these states can sign a written community property agreement to opt themselves out of the equitable distribution arrangement.
The court will consider several factors when making an equitable division of marital property, including:
- The length of your marriage
- Any agreements you may have had
- Your general behavior throughout the marriage
- Your age and health
- Your occupation and income
- Your needs and those of your children
- The sum of your contributions to the acquisition of marital assets, etc.
Will I Be Entitled To A Part Of My Ex’s Business?
If a spouse acquired or started a business before their marriage, the business will ideally be considered that spouse’s separate property. Nevertheless, if the company appreciates during your marriage, some courts tend to award the non-business-owner spouse a percentage of the total appreciation.
Moreover, a judge may also award a percentage to the non-business-owner spouse in case that spouse provided labor or made any form of contribution to the business during their marriage. As long as you are being represented by a professional Nashville property division FAQs lawyer, you can be sure to reach a fair verdict.
Am I Entitled To A Part of My Spouse’s Retirement Fund or Pension?
In most states, a spouse is entitled to a part of the other spouse’s retirement or pension fund to the extent it was earned during their marriage.
What Happens If I Provide The Down Payment For The House? Will I Get My Money Back?
The spouse is entitled to a return on their investment if they used the separate property to pay off the down payment on a home or any other property while they were still married. Some states even allow an investing spouse to get a percentage of the property’s capital appreciation.
Do You Have Any More Questions Related To The Division Of Property During A Divorce? The Rogers, Shea & Spanos Attorneys Can Help!
If you have any questions or concerns related to the division of your property during divorce, immediately reach out to professional attorneys from Rogers, Shea & Spanos! Our team consists of professionally trained and seasoned family law attorneys who can help clear all your doubts related to the division of property. You can reach our team at 888-521-9952 whenever you seek professional expertise in family law.