Franklin Property Division Attorney
The division of marital property is an important issue that must be resolved in just about every Franklin divorce case. Any marital property acquired by the couple must be distributed equitably, and if the parties can’t agree on how to do this, the decision is left to the judge to make after holding a hearing on the matter.
Couples can acquire a significant amount of both personal property and real estate in a short amount of time, making the property division a complicated and vital part of the divorce. After a long marriage or one where the parties earned high incomes, the property division issues can be especially complex and important to resolve.
The Franklin property division attorneys at Fort, Holloway, & Saylor have been handling Williamson County divorce cases for decades, including representing working professionals with complex financial situations and high-value assets to deal with in the property division.
Call our office in Franklin to make sure you get your fair share of the marital property in your divorce. We’ll fight to protect your rights and ensure you don’t get taken advantage of while working to make sure you retain the property most important to you and necessary for your life going forward.
Understanding Property Division in a Tennessee Divorce
When dividing property in a Tennessee divorce, Williamson County judges are required to distribute the marital property in an equitable manner. This means that the judge does not necessarily have to divide the property equally, but will divide it based on what is fair.
Tennessee Is an “Equitable Distribution” State
In an equitable distribution state, shared assets will be divided fairly after the judge weighs various factors.
Alternatively, some states like California and Texas might handle asset division using “community property” or “50/50,” which views any assets acquired during the marriage as being equally owned by both parties, making both parties equally entitled to it as shared property. In this case, the court will divide the assets as equally as possible, hence the term “50/50.”
Marital Property vs. Separate Property
If the property division in your divorce is contested, our Franklin property division lawyers will build a case based on the above relevant factors and present a persuasive argument on your behalf to the judge. Our assistance can also prove invaluable in making sure every asset is located, properly characterized as marital or separate property, and accurately valued.
- Marital property: Assets and debts acquired during the marriage, such as the house/property ownership, joint bank accounts, and retirement funds.
- Separate property: Assets owned before the marriage or received as individual gifts/inheritance. Examples include property owned by one person before marriage, investment dividends, gains of one party and inherited real estate.
The Complication of Transmutation: When Separate Property Becomes Marital
You may be in a situation where your own property has become shared during marriage, such as adding your spouse’s name to the deed of a house owned prior to marriage or using joint funds to pay its mortgage.
This can complicate asset division and make it harder to claim properties as rightfully yours, even if it occurs unintentionally. Losing these assets can seriously impact your finances, and long-term transmutation disputes can also be costly.
Factors the Court Considers in Property Division
Like property assets, a court will again examine the details of your divorce case and try to assess the marital debt in an equitable manner. In Tennessee, courts use the following factors to analyze and divide marital debt in a divorce case:
- The duration of the marriage
- The age, physical and mental health, vocational skills, employability, earning capacity, estate, financial liabilities and financial needs of each of the parties
- The tangible or intangible contribution by one party to the education, training or increased earning power of the other party
- The relative ability of each party for future acquisitions of capital assets and income
- The contribution of each party to the acquisition, preservation, appreciation, depreciation or dissipation of the marital or separate property, including the contribution of a party to the marriage as homemaker, wage earner or parent, with the contribution of a party as homemaker or wage earner to be given the same weight if each party has fulfilled its role
- Dissipation of marital assets on wasteful expenditures (i.e. gambling, expenditures on paramours)
- The value of the separate property of each party
- The estate of each party at the time of the marriage
- The economic circumstances of each party at the time the division of property is to become effective
- The tax consequences to each party, costs associated with the reasonably foreseeable sale of the asset, and other reasonably foreseeable expenses associated with the asset
- The amount of Social Security benefits available to each spouse
- Such other factors as are necessary to consider the equities between the parties
Our Approach to Complex Property and Asset Division
Our firm uses a strategic, multistep process to protect our clients’ assets.
Step 1: Comprehensive Asset Identification and Valuation
Some property can be difficult to locate, especially if it is being concealed by the other party. Other times, property that was once separate or marital can change character during the marriage, which alters whether or not it will be subject to division in a divorce.
We work with forensic accountants, appraisers and other experts to make sure all property is found and valued, and we are experienced in the valuation of complex property, such as business interests and deferred compensation plans. Our family law attorneys are also skilled and experienced in prenuptial agreements and can help determine whether a prenuptial agreement that addresses the property division is valid and enforceable in court.
Step 2: Navigating High-Value and Complex Assets
High-value assets and complex property division often hold the most weight in any asset division during divorce. Being able to identify these assets as rightfully yours in an equitable distribution state will involve considering the following:
- Business valuations: How you value a family-owned business.
- Retirement accounts and pensions: Dividing 401(k)s, IRAs and pensions through QDROs.
- Real estate holdings: Multiple homes, investment properties or commercial real estate.
- Investments, trusts and stock options.
By evaluating how much significance these assets have to you, we can form a strong argument to secure them.
Step 3: Strategic Negotiation and Mediation
Ultimately, our main goal is to reach as equitable a settlement as possible to save time, money and stress spent in a courtroom.
However, if there comes a case where we are unable to reach an agreement, our final step would be to pursue litigation, where we will represent and support you in court.
Frequently Asked Questions About Property Division in Franklin
Below are some questions we often receive from clients.
Who gets to keep the house in a Tennessee divorce?
The court will take multiple factors into account to ensure that the house is fairly divided. They will consider the financial stability of each spouse and emotional toll. If the couple has children under the age of 18, the primary caregiver will also be favored in order to protect the well-being of the children in question.
If the house is marital property, the division will be based on the contributions of both parties and other marital assets such as joint funds.
What happens to debts in a divorce?
Like with other assets, Tennessee courts will consider the incomes of both spouses, each spouse’s ability to pay off debts, and the earning ability to fairly divide debts.
What are my rights if my name is not on the deed to our house?
Even if your house is not in your name, you may still be able to legally claim the house if it is identified as marital property. Tennessee judges will consider factors like the length of the marriage, contributions of both spouses and other conditions to divide the property.
How can I protect my inheritance or separate property?
There are a few ways you can actively protect your separate property before and after divorce:
- Keep inherited funds separated from joint accounts and avoid using them for joint expenses.
- Sign prenuptial or postnuptial agreements to legally protect your inheritance and define it as separate property.
- Create a trust for your inheritance.
- Reflect all your new or existing inheritances in your will.
- Have your assets professionally appraised, as their value can impact how they are divided in court.
Why Choose Fort, Holloway, & Saylor for Your Property Division Case?
Our team of experienced Franklin, TN, division attorneys has been working with Williamson County family law for decades, and we will help you keep the assets you deserve in your marital separation. We work with a great network of financial experts and have a proven track record in high-asset and complex divorce cases, so we are prepared for anything and will form a personalized strategy for your needs.
“Will Holloway and his team were amazing. They assisted me and fought for me through the process of my case. Not only did they work on my case and help me win even more than I expected, Will and his team showed genuine concern for my well-being through a very difficult and stressful time. The thing that stood out to me the most about Will was that he told me early on that he felt I had a very strong case with the honest truth and facts of my story, and he was right. Thank you Will and team for not only helping me win, but begin the process of putting my life back together again.”
—Anonymous
“Mr. Forts expertise and due diligence allowed me to obtain full custody of my daughter. Very professional and impressive in and out of the courtroom. Extremely organized and on top of every situation expected or unexpected. Young attorney who took on a very seasoned and well known attorney in Rutherford county. Never flinched and very confident. Forever grateful.”
—Anthony
Schedule a Confidential Consultation
The division attorneys at Fort, Holloway, & Saylor are here to advocate for you and protect your assets. We will discuss your specific situation and form a strategic plan to help you win.
Call us at 615-685-5453 or complete our contact form today to get started.
