The Equitable Distribution Of Property During Divorce
When a couple divorces or separates, it’s necessary to divide assets, which may include everything from bank accounts to the family pet. Under Tennessee law, property must be divided in accordance with the equitable distribution theory.
Under the rule of equitable distribution, property is separated into two categories: marital property and separate property. Any property, assets or debts possessed prior to marriage are considered separate property and are not equitably divided during a divorce or separation.
On the other hand, anything acquired during the course of marriage — which may include bank accounts, investment accounts, retirement accounts, debts and other property — is considered marital property and must be divided according to the letter of the law.
The Role Of An Attorney During Property Division
Whether you’re facing a contested divorce or you and your spouse believe you can resolve things amicably, you may need to retain the services of a qualified family law attorney. Separating assets and debts can be a daunting process, oftentimes filled with powerful emotions about who should be accountable for what and who should get what.
At McKellar, Easter & DeVore, Attorneys at Law, we help clients maintain their focus on reaching a resolution, not turning to an adversarial approach. When possible, we suggest collaborative ways of dissolving the marriage as well as offer mediation services to those who want to remain in control of the divorce process.
Led by attorney Sarah Easter, the family law division of our firm prides itself on giving you the legal advice and support you need to make practical, rational decisions concerning your case. We maintain a client-centered approach that will benefit you and your family.
Get In Touch With Us Today
To see what our lawyers can do for you, contact our law office in Knoxville, Tennessee, by calling 865-566-0125 or filling out this contact form. All initial telephone consultations are free and we accept credit cards as payment.