Nashville Property Division Attorney
Experienced Property Division Attorneys In Nashville, Tennessee
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 attorney 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 ways to complete disputed property division cases while keeping their costs affordable for their clients. 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.
Community Property vs. Equitable Distribution
A judge will divide your property in one of two ways, based on the state where your divorce is. Nine states 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. Here, a judge fairly allocates all property acquired during your marriage 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.
Factors You Must Keep In Mind When Hiring a Nashville Property Division Lawyer
You must keep several factors in mind when distributing property during a divorce. For couples with children, several additional considerations ensure your decision is in the best interest of the children since it’s the first thing the court considers. Our Nashville divorce lawyer can assist with this as well.
If you want the primary residence, but your spouse is better with the kids, you should consider trading your home for other assets, allowing them to have the property for the children’s benefit. This is especially true if forcing the other parent and children out of your house could result in a change in schools.
When deciding who keeps which assets and liabilities, you must also consider all the long-term financial responsibilities and consequences associated with those assets. For example, if you want to keep assets with an attached liability, such as your primary residence and its accompanying mortgage, will you be able to make those payments on time by yourself?
Common Factors Used To Determine Equitable Distribution
If you and your spouse cannot reach a mutual agreement regarding the distribution of your property, a judge will review several factors to determine how to distribute your property equitably. Some of these critical factors include:
- Which property is easily liquidated
- The overall value of any separate property
- How much separate property did each party contribute to acquiring marital property
- How much each party contributed to the marriage (caring for children, support of the other spouse, maintenance of the marital home, contributions to the earning power, and education of the other party).
- The current and future earning power of both parties
- The current and future financial needs of both parties
- The present age and health of both spouses
- Whether they have a prenuptial or premarital agreement in place
Depending on your unique circumstances, the overall division of your property can be anywhere from 80/20 to an equal 50/50 split. A seasoned Nashville property division lawyer can tell you more about all the factors the court might use to determine equitable distribution of your property.
Looking For Legal Assistance? Rogers, Shea & Spanos Attorneys Can Help!
If you have any questions or concerns related to property division during divorce, you must 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 contact us at 888-521-9952 whenever you seek professional expertise in family law.