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MEMPHIS DIVISION OF MARITAL PROPERTY AND DEBT LAWYERS
Memphis, Germantown, Bartlett, Collierville, Tipton County, and Fayette County Property Division
Tennessee recognizes equitable distribution of marital property in a divorce. While equitable is often 50/50, it is not necessary equal. Equitable division is fair division of all the property and debts of a marriage — taking into account the situation. This can be a complex endeavor, especially when divorcing couples own sophisticated property and real estate. At Memphis Family Law Group, P.C., we are well prepared for the challenge. We focus exclusively on Tennessee family law. This gives us an in-depth perspective. We have the capacity to handle division of many different types of assets on our clients' behalf:
Professional practices, like law firms, doctors' offices and CPAs' practices
Second homes, vacation properties and rental properties
How Marital Property is Divided in Tennessee
When making a division of property, the judge must first classify the property as either “marital property” or “separate property.” This distinction is important because Tennessee law provides only for the division of marital property. The goal in dividing a marital estate is to be equitable. In attempting an equitable division of marital property, the judge will consider factors such as: duration of the marriage; contributions by one party to the education, training or increased earning power of the other party; and the contribution of each party to the acquisition, preservation, appreciation, depreciation or dissipation of the marital or separate property. This means, then, that the division will not always be equal.
Judges will also consider the economic circumstances of each spouse at the time of division. This often includes considering which parent will be the primary residential parent of the children. The family home is often awarded to primary residential parent under the theory that the children need continuity, and that need is met by allowing the children to continue to live in the same home.
At Memphis Family Law Group we understand the law as it applies to property division in Tennessee. We also understand how to identify separate property and if necessary trace its transformation into marital property. In Tennessee, judges can differ significantly in their approach to the issue of property division. Our lawyers have experience with the local judges and understand how to persuasively present your case to the court.
We serve clients in Germantown, Millington, Cordova, Bartlett, Collierville, Shelby County, Fayette County & Tipton County.