Dividing marital property during divorce proceedings is tough. Something as little as who gets an ornament of high sentimental value could cause serious disagreements and serve as a trigger point for a more contentious separation. Furthermore, dividing a business or investment portfolio can seem impossible without legal guidance.
The help of a Knoxville property division lawyer from Cole, Guindi & Pienkowski could make this aspect of separation considerably easier. Discuss your case with an experienced family law attorney who can help you establish property valuations, locate hidden assets, and work with the court to get a fair and reasonable outcome. Contact our team today to schedule your consultation.
Understanding Property Division in a Divorce Case
Tennessee Code § 36-4-121 guides property division, imposing equitable division of all assets during divorce proceedings, regardless of why the marriage failed or who was responsible. Equitable distribution of marital property covers assets such as property, vehicles, investments, money, and debts acquired during marriage.
Equitable distribution does not necessarily mean an even 50/50 split. While the court will try to make the distribution fair, it bases its decisions on what it deems just and proper.
Both parties may wish to consider reaching an agreement about their properties and debts, rather than waiting for the court to decide for them. An experienced property distribution attorney in Knoxville could help spouses reach an agreement about who gets what. If former spouses cannot agree, a seasoned lawyer could represent their client’s interests in court and work to secure a fair share of the property acquired during the marriage.
Marital Property and Debt Distribution Processes in a Divorce Case
Before awarding certain properties to each spouse, the court follows a process that ensures full transparency, including:
- Identifying properties, assets, finances, and debts owed by both spouses
- Classifying marital assets and properties as separate, marital, or hybrid
- Appraising and valuing all marital assets based on current market rates
- Dividing all property and distributing it among both spouses in a fair and equitable manner
A Knoxville marital property distribution lawyer could ensure all documentation remains available and accurate.
What Factors Determine Property and Asset Sharing?
The court does not just assign property or assets to each spouse on a whim. Several factors inform a Knoxville court’s ruling on property distribution, and documentation prepared by a property division attorney could provide vital additional information. The factors involved include, but are not limited to:
- The duration of the marriage
- Each spouse’s age, state of health, and well-being
- Each spouse’s ability to continue working or secure a job, and their earning capacity
- Each spouse’s potential to acquire new assets or earn more income in the future
- Tangible and intangible contributions to the acquisition of assets, properties, and more
- Each party’s contribution to the other’s education, career growth, and income-earning capabilities
- Both parties’ financial situations at the time of property division
- Tax consequences of the property division and additional foreseeable expenses
After weighing all these factors, a judge will then decide who gets what property, assets, or debts.
Contact a Knoxville Property Division Attorney Today
To ensure a fair and reasonable outcome when the court divides and distributes your marital assets, contact a skilled Knoxville property division lawyer to advocate for you and represent your interests.
At Cole, Guindi & Pienkowski, our legal team could provide you with solid legal options to increase your chances of a fair outcome. Contact us today to discuss your case.