When it comes to divorce, one of the most contentious areas is property division. If you and your spouse can agree on how to divide your assets and debts, then the decision is in your hands. However, this is not something easily agreed upon in many cases, and you will have to go to court, where a judge will make the order. Here’s what you can expect from Tennessee’s property division laws:
Tennessee Property Division
Tennessee is an equitable distribution state, meaning marital property is divided fairly and reasonably, not necessarily 50-50.
Marital property is defined as any assets acquired by either you or your spouse during your marriage. Examples of marital property include:
Homes and vacation properties
Retirement accounts, including pensions and 401(k)s
Bank accounts and cash
Stocks and other investment accounts
Conversely, separate property – defined as any property owned by either you or your spouse prior to marriage or property acquired by gift or inheritance – is not subject to division.
What Do Courts Consider When Dividing Property?
Tennessee courts will look at several different factors when determining how to divide property during divorce equitably. Some of these factors include:
The duration of the marriage
The ages and physical and mental health of you and your spouse
The skills and earning capacities of you and your spouse, as well as your abilities for future acquisitions of income and assets
The financial needs and liabilities of you and your spouse
The value of each spouse’s property
Each spouse’s contributions to the acquisition of property and assets, including contributions as a homemaker
These are merely a few of the many factors a court may consider during the property division process.
Reach Out to the Knoxville Divorce Lawyers at Peterson White, LLP!
You do not need to dread your divorce nor the property division process. We can help you negotiate your divorce terms or litigate if needed. Our experienced divorce team can help you get through yours with ease, working together to deliver you the best possible results.
If you have additional questions about divorce and property division in Tennessee, contact our experienced family lawyers today at (855) 919-4124.