You may mistakenly think you will split marital property equally when you divorce. While it happens in some jurisdictions, things are much different in Tennessee.
You will split these assets equitably unless you have a valid and legally binding agreement like a prenup. It may result in a 50/50 share, but not necessarily since equitable distribution aims to achieve fairness rather than equality.
Various factors will influence property division in your divorce
The court will examine the unique circumstances of each case to decide what is deemed fair and equitable. Some of these factors include:
- The duration of the marriage
- The financial needs, liabilities and resources of each party
- The age, physical and mental health of each spouse
- Each spouse’s contributions to the other’s education, training and earning capacity
- The value of each spouse’s separate assets and income
It’s important to note that only marital property is subject to equitable distribution. Separate property, which includes assets acquired before the marriage, through inheritance or gifts to one spouse, is generally not subject to division.
However, if the separate property has been commingled with marital property or used for the benefit of the marriage, it may be subject to division to some extent.
Working towards a settlement
In many cases, divorcing couples in Tennessee have the opportunity to reach an out-of-court property settlement agreement. It can give you more control over the division of assets by allowing you to tailor the distribution to your specific needs and circumstances. If a fair settlement is reached, it can be presented to the court for approval.
Seeking legal guidance
Given the complexities involved in the equitable distribution of marital property in Tennessee, it is advisable to seek legal assistance. That can guide you on the specific factors that may impact the division of assets in your case and help protect your interests throughout the divorce process.