Tennessee Complaint seeking Dissolution and Split of Assets
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FAQ
Under Tennessee law, only marital property is subject to equitable division upon divorce. Specifically, marital property is defined as any assets or property acquired by either you or your spouse while you are married.
If an asset/debt is no longer owned/owed by the parties as of that date, it is not part of the marital estate and will not be subject to distribution. Generally, any assets acquired or debts incurred during the marriage through the separation date will be considered marital property subject to distribution.
Division of Marital Debts in Tennessee Divorce: A Practical Approach. Just like marital property, debts that accrue during marriage are divided between spouses when they divorce.If possible, however, the courts will assign a debt to the spouse who receives the asset acquired by the debt. According to Alford v.
The State of Tennessee is not a 50 50 (fifty-fifty) state for division of marital property in divorce. Tennessee is an equitable distribution state for property division in divorce but courts are required to consider a list of factors in determining which spouse receives what assets.
California law also provides that property spouses acquire before a divorce, but after the date of separation, is separate property.There is a strong presumption under California divorce law that the assets a couple accumulates during the marriage are community property, meaning owned equally by the spouses.
Because California law views both spouses as one party rather than two, marital assets and debts are split 50/50 between the couple, unless they can agree on another arrangement.
In a divorce action in Tennessee, marital property is divided; separate property is not. Property division is the term used by courts and lawyers for describing this process. Property division requires that all property be identified, classified, and valued. Tennessee is an equitable distribution state.
But the concept of equality in Family Law does not necessarily mean half, or a 50/50 split. Equality in Family Law means putting both parties in a similar position and invariably that means that it won't be a 50/50, or an equal, split of the matrimonial assets in a divorce settlement.Sadly, their marriage broke down.
House. Car. Furniture. Clothing. Bank accounts and cash. Pension plans and retirement accounts. Business. Patents.
