Murfreesboro Property Division Lawyer

The divorce court must make a division of the debts and assets of a marriage or approve an agreement made by the parties. Except when some extraordinary circumstance prevents this, the court orders all couples who have filed for divorce to attend mediation and attempt to work out a property division settlement. The court only holds a trial, and the judge only makes a decision about property division if the couple cannot reach an agreement on their own. Whether or not the case goes to trial, both parties must submit accurate and detailed financial statements to the court about their separate and marital assets and debts. As tedious as it is, it is in your interest to work out all the details of your property division settlement before finalizing your divorce because if you do not, the chances are greater that you and your ex-spouse will end up back in court to resolve a disagreement about money or property, and this is expensive and time-consuming. A Murfreesboro property division lawyer can help you get a fair share of the marital property in your divorce.

Equitable Distribution of Marital Assets and Debts

Tennessee is an equitable division state, which means that it is up to the judge to decide on an individual basis what is the fairest way to divide the couple’s marital property. In practice, the judge only decides if you and your spouse cannot reach an agreement in mediation. Whether or not the case goes to trial, the assets that are subject to division are marital assets and, in some cases, assets that may appear to be separate. An asset is marital if either spouse acquired it during the marriage; it does not matter which spouse’s name is on the pay stub or the deed. Assets you have owned since before you married your spouse may be separate property unless there have been marital contributions of comingling with marital assets. Assets that count as separate, even if you acquired them during your marriage, include inherited property, certain personal injury settlements, and assets designated as separate property pursuant to a prenuptial agreement. A close examination of assets is important to determine whether they will be treated as marital or separate.

The rules for determining whether a debt is marital or separate are the same as for assets. The court also divides responsibility for marital debts.

Which Spouse Keeps the Marital Home?

If you and your spouse own a house, it is probably your most valuable asset. There is no legal guideline about which spouse should keep the house after divorce. If a spouse keeps the house they may have to refinance the mortgage so that he or she is solely responsible for it. Likewise, if you keep the marital home, the court might order you to pay your ex-spouse money for his or her share of the house’s value or equity. In some cases, the couple may agree to sell the house and divide the proceeds, or the court orders may order them to do this.

Murfreesboro Property Division Divorce Lawyer

A family law attorney can answer your questions about property division in divorce. Contact David L. Scott in Murfreesboro, Tennessee, or call (615)896-7656 to set up a consultation.