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

  • I recommend Mr. Larry Rice without hesitation as one of the best divorce attorneys that can help you and your family if his services are ever needed in your life.

    “Larry Rice in my humble and professional opinion is one of the best attorneys in the Memphis area.”

    John B.

  • He was totally objective and allowed me to diverge from the "normal or customary" lawyerly path.

    “He well advised me of the consequences of my decisions. ”

    Steve

  • Very professional and puts his clients interest first

    “A pleasure to deal with. I would not want him to be going against him in any legal matter... ”

    Ronnie

  • Things went very smoothly. He undid the damage caused by the first attorney.

    “After having a very bad experience with my initial attorney, I retained George Rice to complete my divorce...I was pleased with my outcome.”

    Ronnie

  • Larry Rice and his able team took that low point of my life and transformed it into a turning point, for me and my children.

    “Larry and his entire staff were always attentive to my needs, always put my best interests first, and most of all, fought diligently for me.”

    Scott