Tennessee Divorce and Family Law

Tennessee Alimony: Factors Courts Consider in Making Awards

Tennessee Courts will consider the following factors when awarding alimony:

• The relative earning capacity, obligations and resources of each party, and income from all sources
• The education and training of each party
• The duration of the marriage
• The age and condition of each party
• The need for the custodial parent to stay home
• The assets of each party
• The marital property division
• The standard of living during the marriage
• The relative fault of the parties, if the court deems it appropriate
• The extent to which each party has made such tangible and intangible contributions to the marriage, including contributing to the other parties education, training, or increased earning power
• Other factors that are necessary to consider the equities between the parties

Who Can Be Awarded Alimony in Tennessee?

Traditionally, alimony was only available to the innocent or wronged spouse in a divorce. Tennessee now allows either party to be awarded alimony, regardless of which party is awarded a divorce. Alimony may be awarded to either the man or woman, and the gender of the party may not be considered in awarding spousal support.

Alimony is appropriate when one party is found to be economically disadvantaged relative to the other party. The legislative preference in Tennessee is to award rehabilitative alimony. This type of alimony is meant to rehabilitate the disadvantaged spouse’s earning potential. The purpose is to make it so the spouse is no longer disadvantaged relative to the other spouse.

There are several types of alimony in Tennessee other than rehabilitative. You should speak to your Tennessee divorce lawyer about what type of alimony is right for you. In my next post I will talk about what factors courts consider in awarding alimony in a Tennessee Divorce.

How Much Life Insurance Do You Need After Divorce?

Thanks to Stephen M. Worrall at his Georgia Family Law Blog for his post on this subject.

The issue of life insurance in divorce agreements often comes up. The following information by Ann O Flanagan is helpful in determining how much insurance a spouse shoudl have after a divorce:

Experts believe that a surviving spouse with children needs at least $100,000.00 worth of insurance for every $500.00 of pre-tax income. If you require $3,000.00 a month ($36,000.00 per year) to cover your expenses, your spouse should have $600,000.00 of life insurance. ($3,000.00/500.00 = 6; 6 x 100,000.00 = $600,000.00) of insurance to meet your bills. The surviving souse would invest the $600,000.00 at a conservative interest rate of 6 % which would generate $36,000.00 a year in interest before taxes. Because the surviving spouse and children would be living off the interest, rather than the principal. the income would last forever.

Many people feel that $50.000.00 worth of insurance, that's commonly part of, an employee benefit's package. is enough. It is not.

Therefore, at the time of divorce, it is imperative that additional insurance be obtained so that, in the event that your spouse dies, and alimony and child support ceases, the surviving spouse and children have sufficient funds to live on.

SOURCE: Ann O'Flanagan and DivorceSource