Most families are accustomed to living on two incomes to make ends meet. After a divorce, individuals have the challenge of running two households using the same amount of income. This shift generally causes financial strain. The knowledge that finances will be more difficult can make asset and debt division particularly stressful. Having the help of an experienced lawyer can be advantageous throughout the process.
At the Law Office of Rebecca Garren Parker we have more than 15 years of experience handling legal matters. With a strong background in family law, our law firm routinely provides legal advice on the complex division of assets and debts in a divorce. Contact a Chattanooga division of assets and debts attorney for legal advice on the best way to proceed with your divorce.
Courts are not allowed to consider fault when dividing assets and debts in Tennessee.
Marital Asset Division
Tennessee has two different types of property — marital property and separate property. Generally houses, vehicles, retirement plans, bank accounts and household items purchased during the marriage are considered marital property. Items owned prior to marriage or received as gifts during the marriage are generally considered separate property.
In a divorce, marital property is divided "equitably" (not necessarily equally) between the parties. That means the court tries to be fair about dividing the marital property by considering the:
- Length of the marriage
- Property owned at the time of the marriage
- Age, physical condition and earning capacity of the parties
- Ability of each party to accumulate more property in the future
- Value of each party's separate property
- Contributions toward educational or professional pursuits of the other party
Marital Debts Division
Any debt incurred by either party during the marriage is a marital debt. The court looks at a number of factors to determine who will be responsible for the debt, including: why the debt was incurred; who incurred it; who receives the benefit of the debt; and, who is better able to pay for the debt. Either party, or both parties, may be ordered to pay depending on the factors. Generally, an individual who receives a particular asset will be required to pay the debt connected with it.
Contact a Cleveland Property Division Attorney
Asset and debt division is a complex area of family law. Contact our experienced attorney online or by calling 423-933-3139 or toll free at 866-930-2618 for more information.