Chattanooga, TN- On July 1st, 2017 over a hundred new laws went into effect in Tennessee, including one that will impact how assets are valued and awarded in divorce.
Tennessee HB0348 Divorce, Annulment and Alimony
HB0348, which went into effect July 1st, 2017, amends TCA Title 36, Chapter 4 and changes how assets are divided in divorce by changing how those assets are valued in divorce court.
Tennessee is considered an equitable division state. That doesn’t mean that assets are split 50/50 evenly between each spouse. Equitable division means that marital assets are awarded based several factors including the duration of a marriage and each spouse’s contribution to the marriage. In most cases, judges begin at a 50/50 split and adjust the final settlement by adding or subtracting to it after evaluating property division factors.
One of the factors that affect how assets are divided is value. If an item is not valued properly a spouse can be deprived of the full settlement amount they deserved. HB 0348 seeks to ensure marital assets are valued correctly by instructing divorce courts to consider “all relevant evidence” in the valuation of an asset such as a business “without regard to whether the sale of the asset is reasonably foreseeable.”
Asset Division in Tennessee
As explained above, Tennessee is considered an equitable division state and marital assets are divided depends on several factors, including:
The value of the property and assets being divided
Whether one spouse owned the property before their marriage
Each spouse’s income and earning potential
To be sure your marital property is divided equitably, you need a divorce lawyer in Chattanooga working with you. An attorney can correctly assess the value of your marital property and ensure that your final divorce settlement is fair and won’t leave you in a tight bind financially.
Consult a Divorce Attorney in Chattanooga
For some men and women, divorce can leave them in financial ruin. Tennessee’s equitable division laws are in place to keep an ex-wife or ex-husband from sliding into poverty and to take full advantage of those protections; you need to retain a divorce lawyer. If you live in Chattanooga and need expert legal representation, we recommend you contact the Law Office of Horton, Ballard & Pemerton at 423-243-3783 or toll-free at 800-819-3927. Your initial consultation is free.
Divorce is never easy emotionally, and the practical aspects can be overwhelming. If you want to make the whole process of divorce easier, turn to one of the divorce lawyers at Horton, Ballard & Pemerton. They will look out for your best interests through all stages of your divorce. Call and set up a consultation as soon as you decide divorce is inevitable.