What factors are considered when deciding marital assets division in Tennessee?
- the length of the marriage
- values of separate property belonging to each individual
- any debt and which party incurred it and who will pay it
- tax issues and foreseeable expenses with assets given to one party
- age, health, employment, liabilities and financial needs of both parties
- financial situation of each party when property will be distributed
- what one party contributed as far as education, training and increased earnings for the other party
Tennessee is an equitable distribution state and marital property is divided in an equitable manner. Equitable does not mean equal, but rather what is fair.
Even if the divorce is due to your spouse's actions, or fault, technically you cannot receive more of the marital assets than the other party can. In addition, if a value needs to be determined for an asset, the court can have the asset appraised for its current value.
What is separate property?
Separate property consists of the following;
- acquired prior to marriage
- by gift or inheritance
- in exchange for any separate property
- obtained from income or appreciation of separate property, if the other spouse did not contribute to the preservation and appreciation. The marital property will consist of the following: (1) any property acquired during the marriage by either spouse; (2) any increase in value of any property to which the spouses contributed to the upkeep and appreciation; and (3) any retirement benefits.
What is marital property?
- any property acquired during the marriage by either spouse
- any increase in value of any property to which the spouses contributed to the upkeep and appreciation
- any retirement benefits
Having a skilled, competent attorney representing you through the divorce and during the marital assets division
process is the reason you contacted Wilson & Henegar in your time of need.