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Helton Law Firm, PLLC

property division Archives

Closing joint accounts during divorce

Tennessee residents who are going through divorce will eventually have to divide marital assets and close joint accounts. When closing a joint checking or savings account, one should first get permission from all the account holders. It should be noted, however, that one can close an account without the other spouse's permission.

How to treat a home in a divorce

When a Tennessee resident goes through a divorce, retaining the family home may be a top priority. Alternatively, a person may want to buy a new home with any money that is received in a divorce settlement. However, it may not always be a good idea to ask for or to take control of a marital home when a marriage ends.

Family court does not have jurisdiction over bankruptcy matters

The language that is used in property settlement agreements or orders in Tennessee is important, as a case in Georgia demonstrates. In that case, which was decided by a federal bankruptcy court, a family court's property division order was found to be invalid.

Handling a marital home in a divorce case

Tennessee residents have four options when it comes to handling a marital home in a divorce. First, an individual may choose to buy out his or her spouse's interest in the home. Alternatively, they may allow their spouse to buy out their interest in the property. It may also be possible for each party to retain their interest in the home and continue to contribute to the mortgage and other costs.

How to split the house in a divorce

A homeowner in Tennessee who is getting a divorce may be concerned about which spouse will be permitted to keep the house. There may be a number of different outcomes to such a situation. The judge might force the couple to sell the house and split the profits. In such a scenario, however, the split might not be equal. For example, if one spouse put more money into remodeling and upkeep, they may also receive a bigger share of the proceeds. If a couple can negotiate an agreement outside of court, they may be able to ensure a plan that's mutually beneficial.

Unmarried couples and home purchases may not always mix

It is not uncommon for Tennessee couples who haven't gotten married to choose to live together. Some do so as a prelude to an eventual wedding, while others might simply prefer to remain single. However, there are some aspects of such a relationship that could prove to be problematic down the road, and one of them involves buying a home together.

Property division in Tennessee divorce cases

One of the most hotly contested issues in many divorces is how the property and debts should be divided. While it is possible for spouses to make the determination of what to do with their property on their own, many couples are unable to reach amicable agreements on their own. This means that they will either need to try to negotiate agreements outside of court or allow the court to make the decision for them.

Whether or not to stay in the house following a divorce

Property division is often a significant issue in Tennessee divorces, and major decisions regarding what to do with the family home often are big factors. It is common for a spouse to have an emotional attachment to the marital home, but he or she might want to think seriously about whether or not it is wise to remain in it.

Some property settlement agreements not alimony

When some Tennessee couples divorce, they may enter into property settlement agreements. If the agreement contains a provision that one party will pay the other alimony, the support will not be dischargeable if the payor later files for bankruptcy. Not all obligations will count as alimony, however, and certain types of debts incurred by one to the other will be dischargeable.

How people can protect themselves during divorce

Many Tennessee couples who are facing a divorce don't have extensive financial resources. That's why it's very important for them to protect themselves during the process of ending their marriage. Failure to negotiate, keep good records and to show a willingness to cooperate in the process can cost a divorcing spouse a significant amount of money. In fact, the economic consequences can make it very difficult for people to ever regain their financial health.

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