Answering Property Division Questions
Property division is one of the biggest components of most divorce proceedings. You will likely have a number of questions concerning what is subject to division and how things are likely to be divided. The following are some of the frequently asked questions our attorneys encounter at the law firm of Shipley & Swain. Of course, everyone’s situation is different and nothing can replace the advice you receive from meeting one-on-one with a lawyer. To schedule a consultation, call our law offices in Knoxville at 865-419-0480.
Will all of our property be divided evenly? Tennessee follows the rule of equitable distribution. This means that a judge will decide what is equitable, or fair. This may result in an even split, but more often than not one spouse will likely be awarded a greater share, such as two-thirds of any marital assets.
I have worked hard at my job. Will my ex get any of my retirement benefits, such as my 401(k) account? Retirement benefits are subject to property division. As mentioned above, the amount that one person can expect to receive will depend on what the court considers to be equitable.
Who is responsible for outstanding debts? Property division does not apply solely to assets. It also encompasses debt that was acquired over the course of the marriage. Like other assets, the amount of debt will be divided equitably between the two parties.
What is marital and nonmarital property? Only marital property is subject to division. This includes any property acquired by the couple during the course of the marriage. Nonmarital property is any property that an individual acquired prior to the marriage. However, nonmarital property can become marital property when assets are comingled, such as the merging together of bank accounts. Determining what is and isn’t marital property can be complicated, which is why legal help is so important.
Can my ex come after my inheritance? Inheritances are generally considered to be separate property. However, like other forms of separate property, if it becomes commingled with marital property, it may be divided.
Contact Us With Your Asset Division Questions
We are here to help answer your property division questions. To schedule a consultation with our attorneys, call us at 865-419-0480. You may also contact us online and we will respond to your message promptly.