Division of property can be particularly stressful in the recent economic climate. Whereas it used to be that couples primarily divided assets, today, couples also have to allocate debts. Often times, individuals disagree on how assets and debts should be divided and on what is fair under the circumstances. Our law firm, Rosemary Escue Phillips, can help by educating you on your legal rights. We will make certain that your rights are protected.
What Needs to be Divided?
At our law firm, we have found that dividing assets during the course of a divorce can become problematic when the parties are unaware of some basic facts about property in Tennessee. There are a number of different assets that couples have to consider in debt division including the:
- House
- Furniture and belongings
- Vehicles
- Money Accounts
- Debt
Marital and Separate Property
There are two types of property that are considered in a divorce — marital property and separate property. While the laws differentiating marital and separate property are quite complex there are some basic rules that generally apply to property division.
Marital property is any property that was earned or purchased during the marriage including the house, money accounts, vehicles and any other items. Separate property is generally any property that was inherited prior to marriage or money gifted to only one of the parties and kept in a separate account. If you believe that certain assets should be considered separate property in your divorce, it would be smart to contact a Goodlettsville division of property attorney to get more information.
Contact a Hendersonville Marital Property Attorney
If you are looking for a lawyer that has a comprehensive understanding of the laws involved in the division of property for your divorce, our law firm can help. Contact us by filling out the form or by calling 615-239-0267 or toll free 888-845-7049.
