Springfield Property Division Lawyer
Property Division Attorney In Springfield, TN
Dividing marital assets and debts in a divorce can be complex and stressful, and it is much easier with the help of a Springfield, TN property division lawyer. An attorney helps you protect your and your family’s financial interests while also providing essential guidance through the process.
You need dedicated and communicative legal representation. At Mathis, Bates & Klinghard PLLC, we have combined decades of experience in divorce and other family law cases, and we have your back during the division of property. You may have a personal or financial interest in certain marital assets, or both, and you deserve a Springfield, TN property division attorney who fights for you and understands the importance of property division cases.
Our team brings exceptional experience to your case and provides dedicated communication returned within 24 hours. These cases can be complicated, especially when they go to trial, and it is essential that you have a skilled legal team at your side.
The Basics of Property Division in Springfield
Property division is a crucial part of divorce. The divorce rate in Tennessee was 2.9 per 1,000 population in 2023, according to the Centers for Disease Control. This was one of the higher rates out of reporting states, compared to the U.S. rate of 2.4 per 1,000.
When couples divorce, their marital property has to be divided fairly and equitably. This does not always mean assets will be divided equally. The court reviews several factors about each couple’s financial situation and the circumstances of their marriage to decide a fair division. Your case would likely be heard at the Robertson County Courthouse at 501 South Main Street in Springfield.
There are some cases where spouses do not have to be subject to a court division of their property. Spouses can negotiate an agreement outside of court and submit it to the court for approval. If the couple has an existing prenuptial agreement, this can also be submitted for property division. As long as these agreements are not unreasonably unfair to one spouse, the court is likely to approve them.
Separate and Marital Property
Property division can be stressful and frustrating. Married families in Springfield had a median income of nearly $87,900, compared to nonfamily households with median incomes of over $48,000. When couples get a divorce, property division can have a significant impact on their financial stability and future, and that makes it frequently contentious.
The only assets and debts divided in property division in Tennessee are marital assets and debts. Each spouse retains separate property. It is important to understand the difference in Springfield:
- Marital property is property acquired by one or both spouses over the duration of the marriage up until the date of the last divorce hearing, including the value of appreciation of separate assets when both spouses contributed to that appreciation.
- Separate property is property owned by one spouse before the date of marriage, and certain property acquired during the marriage, such as:
- Gifts or inheritance given to one spouse
- Income and appreciation from separate assets
- Awards for pain and suffering, future lost income, future medical costs, and other compensation
During property division, separate assets are important for determining an equitable division of assets, but they are not divided.
What Factors Affect Property Division?
The court decides the division of assets and debts depending on many factors, and these are applied to the case whether spouses decide their own division or take the case to court. There are many factors taken into consideration, including:
- How long have spouses been married
- Each spouse’s age, physical health, mental health, ability to be employed, employment skills, earning capacity, financial needs, expenses, and other liabilities
- Either spouse’s contribution to the education, job training, or improvements in the earning capacity of the other spouse
- Each spouse’s ability to acquire assets and income in the future
- Each spouse’s contributions to acquiring and preserving marital or separate property, as well as their actions to depreciate or wastefully dissipate property, with contributions as a parent, homemaker, or wage earner given equal weight if spouses fulfilled their own role
- Each spouse’s separate property value
- Each spouse’s estate during their marriage
- How the division of property will affect each spouse’s economic circumstances
- Tax consequences to each spouse
- The Social Security benefits each spouse has
- The attorney fees paid by each party, and where those funds came from
- Other relevant factors to ensure equitable division
FAQs
How Does Tennessee Divide Marital Property in a Divorce?
Tennessee divides marital property equitably in a divorce. Under equitable distribution laws, the court will consider factors to decide what is a fair division of marital assets, and this may not be an equal division. The court considers factors such as how long the couple was married, the separate assets each spouse has, and the earning capacity of each spouse. Couples can divide assets differently in negotiations as long as it is not unfair to either spouse.
How Do You Separate Marital Property in Springfield?
In Springfield, marital property can be separated by the court or through negotiations. All marital and separate property has to be identified and evaluated for fair division of marital property. When couples negotiate, they can decide who gets what. When the court decides, it can be more complicated. The court may decide that one spouse receives more assets than the other, and splitting those assets can be complex.
Why Should You Hire a Property Division Lawyer in Tennessee?
You should hire a property division lawyer in Tennessee because they can help you navigate negotiations and protect your personal and financial interests. They can advise you on the benefits of negotiating property division versus taking the case to court. During a divorce, you may have certain assets you want to keep, and an attorney can help you navigate negotiations to protect those interests and fight for a fair portion of marital assets.
Skilled Attorneys in Springfield – MBK Legal
At Mathis, Bates & Klinghard PLLC, we can help you navigate your divorce and the equitable division of property with much less stress. Contact our firm today.
