Property Division During Divorce
If there is such a thing as a simple divorce, a marriage that has large or complex assets would certainly not be eligible. When a marriage ends, all marital assets are divided between the two parties. The larger the estate, the more complicated the property division can be and the more important it is to work with an experienced lawyer.
I am Rhonda R. Crabtree, Attorney at Law, and I help clients divide family businesses, large estates, inheritances and other assets that are owned by the couple. From my offices in Ashland City and Pleasant View, I represent clients throughout Nashville and Clarksville, Tennessee, and the surrounding communities. Contact me online or call 615-246-5558 to schedule your free initial consultation.
The Equitable Distribution of Marital Property
When the marriage is over, all marital property is divided between the two parties. Assets owned by either party before the marriage or inheritances received during the marriage are not considered marital property and therefore do not need to be split. Everything else must be divided, including:
- Real estate
- Bank accounts
- Family businesses
- Retirement accounts or pensions
- Military benefits
- Debt
Equitable Versus Equal
When marital property is divided, the goal of the court is to divide assets as fairly as possible. In some instances, that means dividing everything equally; in other instances, it means one party receives more than the other.
Anything that negatively depletes marital assets - such as a drug addiction or gambling - may lead the courts to award that party less. For example, if a wife refuses to work outside the house and does nothing to further the home life, she may be awarded less. However, if a wife does not work outside the house because she is taking care of the children, she could still be awarded an equal amount of marital property, even though her contributions were not financial.
Division of the Family Business
If you own investment property or have a family business, it is considered a marital asset and will be divided. When doctors, lawyers and other professionals contact me, I help them determine the actual worth of the business. In some instances, it is financially feasible to hire someone to do a business valuation; in other situations, it is appropriate to estimate the worth. Regardless of your situation, I can help you with your property division matters. Contact me online or call 615-246-5558 to schedule your free initial consultation.
