The splitting up of property when ending a marriage can be difficult for spouses to figure out. Obviously, both parties want their fair share of the marital assets, but coming to agreeable terms can prove challenging as the topics of money and possessions do not always bring out the best in people. What does Tennessee law have to say about the division of assets in divorce?
Many people think that when they leave their marriages, they will automatically receive 50 percent of everything. That is not the case. Tennessee is an equitable distribution state. This means that each party’s means and needs will be considered when dividing property property so that each walks away with a fair, though not necessarily equal, share of the marital assets. Prenuptial and postnuptial agreements will also be taken into account, if such documents are legally valid and applicable to one’s case.
All marital assets are fair game when it comes to property division. Anything deemed separate property is not. Those items that qualify as separate property include:
- Property owned before the marriage
- Capital gains earned on premarital assets
- Civil judgments
If a couple cannot come to agreeable terms regarding their assets, a judge will get to decide who gets to keep what. Obviously, that is not ideal, but sometimes it is the only way to get through the property division phase of the divorce process. Tennessee residents who are preparing to dissolve their marriages can turn to legal counsel for more information about asset division and further assistance getting through the dissolution process with fair and balanced settlement agreements.