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Property Division Factors in a Memphis Divorce case |
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Memphis Divorce cases are settled under the Tennessee divorce laws. Property division issues arise in case of divorce where there is common marital property that must be divided "equitably" as per the court of law. Equitable does not necessarily mean equal, but it essentially means fair and just.
In a Memphis Divorce case the matters of property and debt are usually settled between the two spouses with the help of a signed Marital Settlement Agreement or the property award that has been decreed by the county court office within the final decree of divorce.
Tennessee is an equitable distribution state. Therefore, whenever in case of a Memphis Divorce the two spouses are not able to arrive at a mutually agreeable settlement, the county court adopts the following method to divide the properties between the two parties.
Firstly, the court will go through a learning process that will classify what properties and what liabilities are to be treated as marital assets and marital debts. Thereafter, the court will put a financial valuation on the assets and liabilities. And finally, the court will divide the assets and debts between the two spouses in an equitable manner. Whatever is deemed equitable in the court's view will be the final division.
Under the Memphis Divorce law, a "separate property" is defined as one that has been: (a) Acquired before the date of marriage (b) Has been received by way of gift or inheritance, even after marriage (c) has been received against any other separate property as an exchange (d) Has been purchased out of the income earned from a separate property, provided the other spouse has not contributed to the property's income, maintenance or appreciation in any way
Under the Tennessee law, a marital property is defined as: (a) Any asset or property that has been acquired during the marriage by any of the two spouses. (b) Any appreciation in the valuation of any property to which either of the two spouses may have contributed in terms of upkeep and maintenance (c) Any retirement benefits received by either spouse
If the various Property Division issues are settled amicably between the two spouses, it becomes simpler to receive a divorce judgment from the court. But where the division gets bitterly disputed or challenged, it may become a time consuming litigation, causing a delay to the divorce proceedings. Therefore, an amicable settlement of all issues is advantageous to both sides that are seeking a divorce. |
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