Protect Your Assets In Divorce
With all the rightful attention placed on family and children during the divorce process, people can forget that the money is important too. Even if you’re not terribly rich, you should protect what you have and fight to get the best outcome possible when the property is divided in divorce or separation.
At JMG, PLLC, we can help you protect your assets through the entire process of divorce. During the division of assets and debts, we have the knowledge and legal experience to make sure you get a good deal and you are not taken advantage of in the system. We take a personalized, responsive approach, and we will be there with you throughout your case. Our lawyers serve clients in Cookeville and the surrounding Tennessee areas.
About Division Of Property In Tennessee
Dividing the assets is an important part of the divorce process. In Tennessee:
- Tennessee is an equitable distribution state: Equitable distribution is a simple concept best understood by contrast. Some states are community property states, which means that all the assets are divided, as much as possible with an exact even split, 50% to each party. In an equitable division state, the focus is not on an exact split, but on an equitable split. This means that one spouse could come away with way more than the other, depending on a number of factors.
- The court will view asset division in light of all the other factors: The determination of primary custody, awards of child support, instances of spousal abuse or child abuse will all factor into the overall determination of asset division.
- Debts get divided right along with assets: Many people focus on the assets and forget that debts are an important piece to be divided too. While assets are divided equitably rather than with an equal split, any debts taken on during the time of the marriage will usually be considered marital assets that both parties will have to absorb.
- Some assets or more complex to divide than others: While determining how to handle the small amount of jewelry or sports memorabilia might be extremely simple, the process becomes more complicated when dividing real property, automobiles and other more valuable or complex assets. One of the most difficult assets to divide is a retirement account because it’s value is hard to determine, and it can change depending on when it’s liquidated.
These are some of the most common issues to understand when entering into a division of assets dialog as part of a divorce. Our lawyers help clients obtain favorable outcomes in division assets through mediation or trial. Whenever possible, we try to work things out at the negotiating table, which is cost-effective for our clients. However, the other side often will not want to enter into the mediation sessions with a willingness to work together, so we take the case to trial. We are experienced trial lawyers who always come prepared and ready to win for our clients.