Are you getting married and want to protect your assets? Then, you should be considering a pre-nuptial agreement. This is a negotiated document signed by a couple before their marriage. The document will typically lay out ownership of property, money, and assets. Additionally, the document will be binding in Court provided the document is entered into freely, knowledgeably, and in good faith. All assets of both parties must be fully disclosed, or the document will not be considered enforceable. And, each person must have an attorney to ensure each one has full knowledge of what is going on. As well as what is being signed. This helps ensure the agreement is enforceable.
A Power of Attorney (POA) is a legal document giving certain powers to someone you appoint to act on your behalf. This document will specifically lay out the powers given to the person you appoint. Before signing a Power of Attorney, you must know there are two types of power of attorney you can sign. A Healthcare Power of Attorney allows you to appoint someone to make healthcare decisions for you. A Durable Power of Attorney will appoint someone to handle everything else for you, such as making deposits, paying bills, filling out insurance paperwork, etc. Signing a POA ensures that someone you trust will manage your financial affairs and make healthcare decisions if you cannot do so for yourself. Preparing this legal document is vital if you foresee health problems affecting your ability to handle matters for yourself in the future.
Although only one spouse’s name appears on the Deed to the property it does not mean that spouse is the sole owner. If acquired during the marriage, each spouse has an ownership right in the property. Regardless of how the property is titled. This means a spouse is still entitled to their equitable share of the property in a divorce proceeding. A spouse can also have a marital interest in any property acquired before the marriage. If the property was acquired pre-marriage and a spouse’s name is not on the property, that spouse may still have an interest In its appreciation. This appreciation would most likely be evaluated since the inception of the marriage. If a spouse has contributed to the property in any way, they can potentially claim an interest in it. It is essential to understand what your rights are regarding property titles and divorce.
What you should know about alimony taxation changes.
Signed into law on December 22, 2017, the “Tax Cuts and Jobs Act of 2017” changes the existing tax code. One of the crucial implications for our clients is the changes to alimony taxation.
Under the previous law, alimony was deductible by the spouse paying alimony (the obligor). Alimony received was once considered taxable income on the spouse’s tax return receiving the spousal support (the oblige). Accordingly, alimony was taxed as the oblige spouse’s income.
My legal assistant and I recently discussed what questions clients and prospective clients ask her about meeting with me and other attorneys here. As a result of our conversation, we came up with the following tips for clients when meeting with their attorneys.
Many clients who come to us for advice during a divorce are going through it for the first time and have many questions. Although the process can be complicated, knowing the basic information can help put a client at ease.
Divorce can be a difficult situation for every party involved. It is the legal undoing of two people’s assets, liabilities, and everything in between. Knowing what to expect and being prepared for the inevitable changes are essential during a divorce.
Contested or Uncontested
The first decision to be made is whether the divorce will be contested or uncontested. If you can agree, the divorce is uncontested, and the process is more straightforward. If you cannot agree, the divorce is contested and requires negotiation, mediation, and, in some cases, a trial.
In an uncontested divorce, the parties or their attorneys complete the necessary paperwork and file it with the Court. If children are involved, parents must take a parenting class and file the certificate of completion with the Court.
In a contested divorce, one party will begin the process by filing a complaint. The other party will then file their answer to that complaint and, possibly, a counter-complaint. The parties or their attorneys will then enter the negotiation phase. If negotiation is unsuccessful, the parties must attend mediation with a third party. In most cases, an agreement can be reached in either of these two phases. In some cases, mediation is not successful and the parties must have a trial to allow a judge to decide the issues, which can be lengthy.
Waiting period in Tennessee
In Tennessee, the mandatory waiting period for a divorce from the time of filing is 60 days if the parties have no minor children and 90 days if the parties have minor children. This means the divorce cannot be finalized until the time period runs.
If you or someone you know is contemplating divorce or have been served with a complaint for divorce, contact us to get answers to your questions and let us assist you in making the best decisions. Call Kane and Crowell at (615) 784-4800 or request a consultation to discuss your specific case.
Everyone going through a divorce in Tennessee has to take a court-approved parenting class if you have minor children at the time of your divorce. According to www.tn.gov, this class provides parents with the essential information to handle interactions with their children and each other during and after the divorce process. These seminars aim to assist divorcing families in navigating the traumas of divorce without adding more stress.
Blended families are sometimes hard to navigate. The goal of the courts is to keep families intact. However, that is not always possible or the best scenario and times Step-Parent Adoption is a good option. Some biological parents decide to have their child adopted by the step-parent. In Tennessee, a step-parent can adopt a child in a couple of ways.
It’s a situation that we see too often: Parents cannot agree on a visitation schedule for a child and the father cannot see the child because he has no legal rights. A mother may move away with the child and the father disagrees but has no grounds to contest the move because he has no legal rights.
The Tennessee Legislature has modified the language of the statute to deal with obtaining maximum parenting time / custody. This statute, TCA sec. 36-6-106(a) provides that:
