Maryville Property Division Lawyers
Experienced Maryville property division attorneys obtaining an equitable division of marital assets
Living apart is much more expensive than living together. Homes, cars, and many assets can’t be divided in half. Each asset and debt needs to be identified and valued. At LaFevor & Slaughter, our Maryville property division lawyers are skilled at determining the full financial picture of both spouses. We’re skilled at helping you prioritize which assets, such as the family home, you want to keep and which assets you can trade for the ones you want. We’re skilled at identifying future assets such as pensions, handling amicable and unfriendly divorces, and being strong advocates when spouses have business and other valuable assets.
How can our Maryville property division lawyers help?
What property is divided when spouses divorce in Maryville?
During the course of a marriage, spouses accumulate all types of property. Usually, the most valuable asset is the marital home. Since the home can’t be divided, a decision has to be made about which spouse will keep the home. If there are children, then the parent who has primary physical custody of the children normally keeps the home so the children can attend the same school, and because stability for children is critical when parents divorce. If there are no children, then one spouse may buy out the other spouse or the home could be sold and the proceeds equitably divided.
Spouses normally accumulate other assets such as bank accounts, cars, furniture, jewelry, stocks, and bonds during their marriage. Some spouses own or have a stake in their own businesses. Spouses who have been married for a long time may have pensions, IRAs, and other retirement benefits that have vested or may vest during your spouse’s lifetime.
Any asset that is acquired during the marriage is considered marital property. Property that each spouse owned separately before the marriage may also be considered marital property if the asset increased in value during the marriage, to the extent of the increase.
A few examples of property that may be considered separate property and thus can’t be divided in a divorce include:
- Personal injury compensation proceeds
- Assets or income from assets earned before the marriage
- Assets acquired after there is a property division order
- Inheritances and gifts
The debts of the spouses are also reviewed when property is divided due to a divorce. For example, if one spouse is awarded the marital home, that spouse is normally responsible for the mortgage.
How do your Maryville family lawyers fight to ensure an equitable division of the property?
Our Maryville lawyers have an extensive checklist we use to determine what property each spouse owns. We work with financial professionals to place a value on each marital asset and debt. Our family lawyers then strategize with you to determine which assets you want and which assets you’re willing to give up (withdraw your claim to) in return for getting what you want and need.
This process of identification of assets, valuing assets, and negotiating trades is one of our strongest skills. In some cases, we may work with investigators – if your husband or wife is trying to hide assets.
We work with financial professionals such as:
- Real estate appraisers to determine the value of your home
- Business appraisers to determine the value of your business
- Financial appraisers to determine the value of personal property and retirement benefits
In many cases, a trade-off of assets is possible. For example, you may waive your interest in your spouse’s retirement benefits to keep the marital home. In some cases, the assets will need to be sold and the proceeds will then be divided equitably. Some assets, like retirement benefits, may not be able to be sold because your or your spouse’s right to the retirement benefit hasn’t vested yet. In this situation, we prepare agreements (such as QDRO agreements) so that you will receive your share of the retirement benefits when the right to the benefit does vest.
We’ve helped many spouses just like you obtain the property division they truly deserve.
How is marital property divided in Tennessee?
At LaFevor & Slaughter, our Maryville property division lawyers fight to help you obtain the assets you deserve giving priority to the assets you want the most. The marital property is divided equitably. This means the family court does not have to decide the property 50/50. They can award you more than a 50 percent share. The way the property is titled does not determine what either spouse can receive. If the home is titled only in your spouse’s name, you can still claim the home for yourself. Once a determination is made as to how the marital property is divided, the property will be retitled properly.
Our family lawyers are skilled at showing that the factors used to consider the equitable distribution split favor you. Some of these factors include:
- How long the spouses were married
- The age, health, employability, financial needs, and financial liabilities of each spouse
- The contribution (tangible or intangible) by one spouse to the “education, training, or increased earning power of the other spouse.”
- The relative ability of each spouse to acquire future assets or income
- Each spouse’s contribution to the “acquisition, preservation, appreciation, depreciation or dissipation of the marital or separate property” including being a homemaker, parent, or wage earner.
- The value of the separate property of each spouse
- Each spouse’s estate at the time the marriage started
- The economic circumstances of each spouse at the time the division will become effective
- The tax consequences and costs that may apply
- Specific criteria that our Maryville property division lawyers will explain regarding how a business interest is valued
- The Social Security benefits available to the spouses
- Other relevant equitable factors
Tennessee’s equitable division of marital property law provides that the court shall give “special consideration to a spouse having physical custody of a child or children of the marriage” when considering which spouse should receive the marital home. The court can also impose a lien on the marital home or upon separate real property (or both) as security for the payment of child support and/or spousal support.
Do you have a Maryville property division lawyer near me?
At LaFevor & Slaughter, our Maryville property division lawyers meet spouses at our office located at 317 Ellis Ave., Suite 317. We conduct consultations by video when necessary. We’ll help you set goals for the property you want to keep and help you establish those goals.
Talk with an experienced Maryville property division lawyer now
Spouses need to protect their financial future while they’re going through the trauma of a divorce. At LaFevor & Slaughter, we’re skilled at advising spouses about every type of financial factor that affects where they live, what assets they can keep, and how they can pay their bills during the divorce and after the divorce becomes final. Unlike other orders, property division orders are generally final. That’s why our Maryville property division lawyers work aggressively to ensure your property is divided properly. To schedule a consultation, please call our Maryville property division attorneys or fill out our contact form today. We’re ready to secure your financial future.