Franklin Business Valuation Lawyers
At the law office of Karla C. Hewitt and Associates, PLLC, we understand that you want to protect your property interests and your financial future as you go through the divorce process. With more than a decade of experience on our side, we know the steps to take to see that you walk away from your marriage with your fair share.
The question, of course, is what is fair? Although a 50/50 split is a good starting place, and Tennessee law requires an equitable division, equitable does not always mean equal. The Tennessee statute that covers property division requires that a variety of factors be looked at in determining an equitable division. Those factors include each spouse's earning ability and the length of marriage, among other things.
As if dividing houses, cars and bank accounts isn't challenging enough, property division becomes more complex when businesses and professional practices need to be divided. Our experience means we are up to all challenges, and we frequently work with certified public accountants (CPA), business valuation experts and other specialists in these cases.
Separate Property
Separate property is property acquired prior to the marriage, kept separate and not co-mingled with assets acquired during the marriage. Inheritance is also considered separate property even if it was acquired during the marriage, provided it was kept separate and not co-mingled with marital property. Property that can be proven to be separate property is kept by the individual owner and not subject to property division during divorce.
Marital Property
Marital property is all property obtained during the marriage. For most married couples, this constitutes the majority of the property, including the house, the car and the bank accounts. Marital property is subject to equitable division during divorce.
Sometimes, one item may have attributes of both separate and marital property. For example, a house may have been purchased by one spouse before marriage, but if the other spouse substantially contributed to its preservation and appreciation, by paying bills or by providing upkeep, that spouse probably has a financial interest in that house. We know how to sort through these issues.
Contact Us
To schedule a meeting with a Nashville division of assets attorney, call us at 615-391-4200 or send us an e-mail.
