The Law Office Of Robert M. Asbury
View Our Practice Areas

Knoxville Tennessee Divorce Law Blog

What are people talking about when they refer to shared custody?

Residents of Knoxville may have heard the term shared custody used and may even know parents who have an arrangement involving shared custody.

What they might not realize is that shared custody is not actually a legal term, and it may refer to one or more legal concepts recognized in Tennessee law.

Divorce: what to know about dividing stock options

Numerous people throughout Tennessee possess stock options. These are shares of company stock employers allow their employees to buy at attractive rates, so those individuals now own shares of the organization. They are highly beneficial because they can increase in value over time, thereby enhancing a person's financial portfolio. 

Divorce requires both spouses to bring their assets to the table to determine how to allocate everything. One of the assets that may require division is a stock option. Due to the fact they can be immensely valuable, it is important to understand the basics of how a divorce court typically divides it. 

Look out for these tax consequences of divorce

Many people in Knoxville, Tennessee, who have never themselves gone through a divorce or legal separation probably recognize that one of the biggest chores in the process involves the dividing up of the couple's property. For those with minor children, the court overseeing the divorce case or legal separation will have to enter orders for custody, child support and the like.

While a couple may understand to some extent that there are financial implications with respect to who gets what property and how matters related to the couple's children get sorted out, one thing they might overlook in their calculations is the possible tax consequences of what they are going to do. These tax consequences can, effectively, make thousands of dollars' difference in one's financial situation following a split.

How do I put a value on my small business?

Lot of residents of the Knoxville area make their living by running their own businesses. Oftentimes, these businesses are family affairs, and married couples either both own shares in the business or, at a minimum, or both involved in the business's operations.

If one thinks about it, even those who work full time may technically be business owners. Many Tennesseans have side gigs doing yard work, painting, cleaning or the like, and others may even sell products out of their home.

Representation in relocation disputes

A previous post on this blog discussed the rules in place for when a single parent who is subject to a child custody order needs to move. The basic idea behind these rules is that the other parent, usually the one who does not have the child as often, gets advance notice of the move so that he or she has the opportunity to object or offer an alternative.

It is not a surprise that the law treats the issue of relocation with sensitivity. After all, when one parent packs up and moves some distance from the Knoxville area, then the other parent could be looking at less time with his or her children as well as additional traveling and other costs.

Tennessee's laws for parental relocation

Moves for Knoxville, Tennessee, residents are never easy, particularly for those who have children. A person has to notify a lot of people about their change of address and do the necessary legal and clerical legwork to switch utilities, licenses and the like.

For single parents with children, it is very important not to forget in the midst of their planning a move to let the parent know about the move. Under Tennessee law, the parent who wants to move has to give 60 days' notice to the other parent of their intention to do so. Shorter moves, those under 50 miles, are an exception to this rule.

How will your 401(k) be divided in the divorce?

If you are facing divorce, you are probably not looking forward to the property division process. One of the items that may be concerning to you is your 401(k).

Tennessee is an equitable division state, which means that assets like your retirement accounts are subject to division that is as fair as possible, but not necessarily split down the middle.

Legal separation is an option in Tennessee

Many Knoxville, Tennessee, residents who live in troubled marriages may recognize that they need to live separately from their spouses, perhaps even for their own protection. However, they may have moral or religious reasons not to divorce their spouses outright.

Other people may wish to remain legally married for financial reasons, while still others may just not be ready to deal with the idea of a divorce on an emotional level.

Alimony basics and why it is important

Alimony can be crucial for one divorcing spouse, however, it may also be something the other spouse objects to paying. Alimony is a payment made by one former spouse to the other. It is intended to offset any negative economic impact associated with the divorce.

There are circumstances when one spouse may have remained at home to care for the household or children rather than pursuing a career or may have supported or contributed to the development and advancement of the other spouse's career while their career aspirations may have suffered. Alimony is intended to help the non-waging earning or lower-wage earning spouse and may be awarded permanently or to help them transition.

What is the best interests of the child standard?

If you are facing concerns and challenges related to child custody, you may have heard the best interests of the child standard and wondered what it refers to. The best interests of the child refers to determining what child custody and visitation arrangement will be best for the child's emotional well-being, safety, development and overall happiness.

What is in the best interests of the child is the guiding consideration and focus of all child custody decisions. Though what is in the best interests of the child is the standard the family law court will use to determine the child custody arrangement that is best for the child, it is a consideration that parents should always take into account when negotiating child custody arrangements and agreements. In general, child custody arrangements that involve both parents are considered to be best for the child.

Email Us For A Response

Learn How I Can Help

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

The Law Office of Robert M. Asbury
5731 Lyons View Pike
Suite 206
Knoxville, TN 37919

Phone: 865-909-7290
Fax: 865-909-9886
Knoxville Law Office Map

Contact Information