How is Property Divided in Tennessee?
Tennessee is an equitable distribution state. This means that all marital property will be divided fairly after considering all legal factors that are relevant and unique to the divorcing spouses. Each party can keep their separate property. Some factors the court considers to ensure equitable asset division include:
- The duration of the union
- The tangible or intangible contribution by both parties
- The contribution of each party to the acquisition and preservation of the property
- The age, vocational skills, mental and physical health of each spouse
- The learning capacity, employability, estate, financial liabilities, and needs of each party
- The value of the separate property
- The tax consequences to each party
- The available social security benefits to each party
Who Determines How Assets are Divided?
Who determines what is marital property or separate property, the value of marital property, and how marital property is divided depends on whether the divorce is uncontested or contested.
If you and your spouse agree on the division of your marital property, and all other provisions of your divorce, including child custody and spousal support, you can both sign a Marital Dissolution Agreement and submit it to the court for approval.
If, however, you and your spouse are unable to agree, your divorce is contested which means the court will determine how your assets will be divided.
How Legal Counsel Can Help
In an uncontested divorce, I can help you keep your separate property, determine whether assets are marital or separate, help make sure you get what you’re entitled to, and help assign value to your assets and your contribution to them.
In a contested divorce, I will help present your case to the judge who has the final determination of what you keep and what you have to give up.