Division of Property in Tennessee
Property division refers to the process of dividing marital property during divorce proceedings. The process of division of property in Tennessee includes identifying all property, classifying it as either marital or separate, determining the value of the property in question, and arriving upon an equitable division.
In the state of Tennessee, only marital property is divided during the divorce process, while separate property is not divided. Marital property typically refers to any assets that were acquired during the duration of the marriage or assets that were commingled or transmuted during the marriage. Meanwhile, separate property, also known as non-marital property, is typically made up of any real or personal property that was owned by either party before their marriage. Separate property can also include inheritances and gifts.
What is Equitable Division?
The state of Tennessee is considered an equitable distribution state, which simply means that all marital property must be distributed in a fair and equitable manner. It is important to note that equitable distribution does not mean property is divided equally or 50/50. It also does not mean that each party will necessarily get a portion of every specific portion of marital property. So if division of property is not 50/50, you may be wondering how equitable division of property is determined. In the state of Tennessee, the courts use a variety of factors to determine equitable distribution.
What Factors Determine Equitable Division of Property in Tennessee?
In order to arrive upon an equitable distribution of property, many factors are taken into consideration. Some of these factors include:
-The length of the marriage
-The mental and physical health and age of each spouse
-The employability, vocational skills, and earning capacity of each party
-The contribution each party made to acquire marital or separate property, as well as each party’s contribution to the preservation, depreciation, appreciation, or dissipation of marital and separate property. This factor includes each party’s contribution to the marriage as either a wage earner, homemaker, or parent, and requires the role of wage earner or homemaker be considered equal, as long as each of the parties has properly fulfilled their role in the marriage.
-The current value of each party’s property, as well as the value at the time of the marriage
-The expected economic circumstances of both parties at the date that the property division will go into effect
-The impact that taxes and other expenses will have on the assets acquired by each party
-The availability of social security benefits to each party
-Any contributions (tangible or intangible) by one spouse to the professional training, education, or increased earning ability of the other
-The value of each party’s separate property
The court will also take any other relevant factors into consideration that they deem necessary for arriving upon a fair distribution of marital assets.
If you are going through a divorce in Tennessee and have questions or concerns regarding the equitable distribution of your marital property, contact our team today. We are experienced in negotiating for our clients and will aim to settle your property division issues outside of the courtroom.