One of the things that must happen when a couple gets a divorce is the division of the marital assets. The law may be differ from state to state so it is important to know the law in your state. If you live in Tennessee, and you need to understand how to divide marital assets, look no further than the Law Office of Donna Wagner. The state of Tennessee is an equitable distribution state as explained below.
What Is Equitable Distribution?
Tennessee is an equitable distribution state. Equitable distribution does not mean the parties must divide the assets so that each person receives equal shares. Rather, it means that the parties should receive a fair distribution of the assets as well as the debts of the marriage. If a couple cannot reach a settlement out-of-court, then the court will decide what is a fair award for each party. However, before the court can come to a decision about how to allocate property, a determination must be made as to which assets are marital, and which ones are separate.
Marital Property vs. Separate Property
At first glance, it might seem that marital property is any asset acquired during the marriage and that separate property is any asset acquired before the marriage. While that is not entirely inaccurate, the classification of assets is a little more complicated than that. To explain further:
“Marital property” means all real and personal property, both tangible and intangible, acquired by either or both spouses during the course of the marriage up to the date of the final divorce hearing and owned by either or both spouses as of the date of filing of a complaint for divorce, except in the case of fraudulent conveyance in anticipation of filing, and including any property to which a right was acquired up to the date of the final divorce hearing, and valued as of a date as near as reasonably possible to the final divorce hearing date.
“Separate property” means:
(A) All real and personal property owned by a spouse before marriage, including, but not limited to, assets held in individual retirement accounts (IRAs) as that term is defined in the Internal Revenue Code of 1986, compiled in 26 U.S.C., as amended;
(B) Property acquired in exchange for property acquired before the marriage;
(C) Income from and appreciation of property owned by a spouse before marriage except when characterized as marital property under subdivision (b)(1);
(D) Property acquired by a spouse at any time by gift, bequest, devise or descent;
(E) Pain and suffering awards, victim of crime compensation awards, future medical expenses, and future lost wages; and
(F) Property acquired by a spouse after an order of legal separation where the court has made a final disposition of property.
When Properties Are Mixed
What if the couple mixes the two types of properties? They might be considered marital and could complicate the process of classifying and awarding the assets. In such a situation the Court might:
Declare some asset as separate, handing it back to the original owner
- Find an estate untraceable, thus treating it as marital property
- Discover that a separate resource had become a marital one, thus becoming part of equitable distribution
Your best bet is to receive legal assistance, particularly when the mingling of assets may have occurred. If you need legal assistance due to a divorce, and you are from Mount Juliet, Tennessee, then you need to contact Donna Wagner, a divorce and family lawyer.
Real-life results
See what happy clients are saying about me.
“I spoke with several attorneys and from the moment I spoke with Donna I knew she was the person I wanted to hire for a child custody case.
From the very first interaction she was enthusiastic, friendly, and honest. She asked a lot of questions to get to know the case well. I was so impressed with how thorough and thoughtful she was throughout the entire process, explaining every step along the way.
Donna was great at staying in contact and kept me updated as everything progressed. She was affordable and very fair in her billing. If ever another situation is to arise in which I’m requiring legal assistance and representation she will be the first I call.
Due to Donna’s persistence I was able to come out ahead with more than I had ever hoped for when I first brought her my case. She helped me to see and understand things about my situation that would have never occurred to me on my own.
This woman has so much integrity! I’m so grateful for all of her help during a nerve wracking time. She was incredibly personable. I highly recommend Donna Wagner for your legal needs.
Best decision I ever made in the midst of a divorce, from someone who asked for the divorce, was to hire Donna Wagner. I was facing an attorney who was representing my spouse, thinking all I had to do was sign the papers. No, they were attempting to get money out of me. Keep in mind we didn’t have any kids. Anyhow, Donna came in and shut it all down. I was due in court in a week and she got that continued. After going back and forth with the opposing attorney, Donna was able to not only get them to settle the case without going to court but have everything ruled in my favor. I am finally divorced and can breathe easy. Thank you Donna Wagner!
Donna provided such expertise during my case with her. She was always responsive, knowledgeable and professional, while also being compassionate to my situation. I cannot recommend her enough!
I know for certain that If I am needing an attorney again in the future, I will be using Donna Wagner. There are so many great things to say about Donna. However, I believe what I appreciated most was how Donna handles special situations, and I assure you, my circumstances were just that! Donna was very thorough during my entire case. She was able to address my unique case but also do so with legal basis even though the courts may not always allow for such situations. Donna was very thorough each step of the way and was certain to not leave any stone un-turned. One thing I really liked about Donna was her fire. When situations arose, she can be more than passionate about her job and serving justice to those who deserve it. I also want Donna’s clients to know that she was very timely with me in her communications with me. Whether by email or phone, she was always just a call or a message away. When being in a legal situation, I know from previous experience, being able to reach your attorney means everything. I am more than pleased with the results that I recieved from Donna Wagner, and I assure you my case turned out better than I had imagined and even for a fair price. Donna Wagner rocks!
I know for certain that If I am needing an attorney again in the future, I will be using Donna Wagner. There are so many great things to say about Donna. However, I believe what I appreciated most was how Donna handles special situations, and I assure you, my circumstances were just that! Donna was very thorough during my entire case. She was able to address my unique case but also do so with legal basis even though the courts may not always allow for such situations. Donna was very thorough each step of the way and was certain to not leave any stone un-turned. One thing I really liked about Donna was her fire. When situations arose, she can be more than passionate about her job and serving justice to those who deserve it. I also want Donna’s clients to know that she was very timely with me in her communications with me. Whether by email or phone, she was always just a call or a message away. When being in a legal situation, I know from previous experience, being able to reach your attorney means everything. I am more than pleased with the results that I recieved from Donna Wagner, and I assure you my case turned out better than I had imagined and even for a fair price. Donna Wagner rocks!
I obtained Mrs. Donna Wagner’s services in 2012 to help with my charge of driving under the influence. I first called several other attorneys, but none of them were willing to listen to my case. Mrs. Wagner not only took the time to listen but went out of her way to be sensitive to my issues, respond quickly to my questions, and help me understand this unfamiliar process. It was clear to me from the beginning that she knew the system well and was very thorough in her exploration into my case. With her experience and knowledge of the Mt. Juiliet court system, combined with her adept use of the evidence at hand, she was able to get my charges significantly reduced. I could not be more happy with my choice of attorney. I am certain that I would not have had such a successful outcome without her guidance and skill.
