Trust the Team Who Will Fight With more than 75 years of collective experience, our team knows how to defend your case.

Property Division in Memphis

Determining How to Divide Assets in Your Divorce

It is critical you tell us all you know about all the assets. The more we know, the more we may be able to get for you. In Tennessee, a statute covers property division.

Property includes real estate and personal property (both tangible and intangible). Property can include houses, pensions, businesses, and coin collections – almost anything. The legislature has set out criteria for property division. First, you must find and value the property (equity in the house, value of pensions, value of antique furniture, etc.). Next, you must determine whether the particular piece of property is separate property and remains with the person who owned it. Separate property is usually acquired before the marriage or outside the marriage, such as by gift or inheritance. Marital property is usually acquired during the marriage. Marital property can include increases in separate property that occurs during the marriage if your spouse contributed to its appreciation or preservation even if only indirectly.

To determine who gets what marital property, the court will basically consider:

  • Length of marriage;
  • Age, health, skills, and abilities of the parties;
  • Contribution to the education or to the earning power of the other;
  • Relative ability of the parties to acquire property in the future;
  • Contribution to the value of the marital property or the separate property;
  • Amount of separate property owned by each spouse;
  • Premarital property;
  • Financial conditions of each party;
  • Tax consequences;
  • Social Security benefits;
  • Allowing the custodian and children to continue to live in the home permanently or for a period of time (most often until remarriage of the custodian or until the children turn eighteen); and
  • Other factors that the court considers appropriate.

If you and your spouse can agree on how things will be divided, and if your agreement is reasonable, it will usually be approved by the court. If you cannot agree, the court will divide the property, provided you can prove or get a stipulation to one of the grounds to divorce. If you cannot agree and prove or have a stipulation to at least one of the grounds, you cannot get divorced.

Do not hide assets. These assets are usually found; if they are found, you will look like a crook to the court. The judge will have trouble believing what you say about anything after that, and the judge will have less trouble assessing attorney fees against you for your behavior.

Sometimes there are important tax issues to consider. Transfer of property (such as a bank account) from spouse to spouse during a divorce is usually not taxable, but transfer of income (for example, interest) from an asset can be taxable. Be careful about capital gains.

Under the right circumstances, the sale of a house by a couple can have an untaxed capital gain of Five Hundred Thousand Dollars ($500,000.00) or an individual seller can get half that. This may affect your decision to sell your home before the divorce (as a couple) or after the divorce (as an individual). See the taxes section below and talk to your tax advisor.

Speak with our Memphis family lawyers at Rice Divorce Team for knowledgeable guidance about property division during your divorce proceedings. Call our firm at (901) 425-1274 today.

Reviews from People Who Have Been There

  • Without his help I would have never been able to raise my children.

    “The end result has been that my kids have spent at least half the time with me and eight years later we’re looking at two well rounded Christians and College Scholarships for my oldest who graduates this year.”

    Russell

  • Nick made every effort to work out my case at the lowest cost and time possible.

    “As an attorney who has interacted with attorneys on a daily basis for more than fifteen years, I was so impressed with the hard work and enormous amount of time Nick spent on my case! ”

    Angie

  • Nick Rice fought for me and my children which resulted in a better outcome than I had expected.

    “fter 13 months of dealing with the emotional, financial and overall stress that is attached to a divorce, Mr. Nick Rice was able to completely get all of the issues settled in less than 4 months with me coming out better than I had expected financially and”

    Jeff

  • I was in the best hands throughout the process.

    “Not only were they extremely prepared for court but they also ensured that I too was prepared for court.”

    Angie

  • Mr. Rice was so helpful and his staff was superb!

    “Mr. Rice explained all possible outcomes and what I could expect at the hearing (this really helped my stress level).”

    Previous Client