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Asset distribution is one of the most contentious aspects of divorce proceedings. Regardless of how long a couple has been together or what each individual contributed to the household, both parties deserve their fair share upon splitting. If you’re thinking about ending your marriage, it’s natural to be wary of dividing the assets and liabilities you acquired together. Here, a divorce lawyer from Castles Family Law in Brentwood, TN, answers some of the most frequently asked questions on the subject.  

FAQ on Dividing Property & Debt in Divorce

What Is the Difference Between Marital & Separate Property?

Marital property refers to everything the couple acquires after getting married. Likewise, marital debts are those a couple accumulates during the marriage. Separate property, on the other hand, refers to assets that each spouse acquired before the marriage. Certain assets that are obtained after the marriage can fall under this category, as well, including inheritances, gifts, and personal injury settlements. 

Is Tennessee a “Community Property” State?

divorce lawIn community property states, a couple’s assets are divided equally because such states presume each spouse owns 50% of everything. Tennessee, however, is an equitable distribution state, which means the couple’s assets are divided fairly rather than equally. Therefore, one party could end up with a larger percentage of the total estate, depending on the circumstances. 

How Are Debts Divided in Divorce?

Debts are divided in the same way that property is divided. Separate debts will remain the responsibility of the spouse that originally acquired them, while joint debts will be split between the couple. Remember that lenders have their own expectations of borrowers, though, regardless of what the court might order. For example, if you took out a car loan together, the lender may seek payment from either co-signer, regardless of which party is assigned that debt in a Court Order. However, if you are forced to make payment toward a debt assigned to an ex-spouse, you will be able to recover those amounts and any necessary legal fees by filing a new petition in the Court that entered your Final Decree of Divorce. 

If you have additional questions about dividing assets and debts during divorce proceedings or want to know how local laws will affect your situation, turn to a divorce lawyer at Castles Family Law. Based in Brentwood, TN, this firm represents clients throughout Williamson, Rutherford, and Davidson counties, as well as Nashville and Franklin, TN. Since they focus solely on domestic relations, they are well-versed in the statutes that will determine the outcome of your case. To learn about their experience navigating complicated legal proceedings, visit their website. You can schedule an initial consultation with a divorce lawyer on their team by calling (615) 804-6086

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