One of the most difficult aspects of divorce is handling the property division. Everything you and your spouse have accumulated during your marriage is considered marital property, and all of those assets can be divided between you two in a divorce. It can be exceedingly difficult to agree to terms that satisfy both spouses, especially when it comes to big items like the house, cars, and other properties. If you are in the beginning stages of a divorce, it is important that you understand how your state divides marital assets.
Potential Methods for Asset Division
If a couple wishes to get through the divorce process as quickly and painlessly as possible, they may choose to use a mediator rather than going to the court. A mediator can help supervise and guide a couple as they sort through their properties on their own, coming to their own agreements for their divorce terms. This process often takes less time, is less expensive, and allows for more privacy. However, if a couple is unable to reach the bulk of those compromises on their own, litigation may be the only other option.
Through litigation, the couple will go to court and lay their case before the judge. The judge will then have the ultimate say in how assets are divided, along with any other major divorce decisions, like spousal support, child custody, and so on.
Factors the Court Considers
For couples who choose to handle their divorce through litigation, it is important to understand how the courts determine fair property division.
Tennessee courts will consider the following factors when dividing a couple’s property in a divorce:
- The length of the marriage
- The earning capacity of either spouse
- Each spouse’s income
- The value of each spouse’s separate property
- Retirement benefits, pensions, stocks, and Social Security Benefits of each spouse
- The physical and mental health of each spouse
- Each spouse’s contribution to the preservation of the marriage
- Each spouse’s contribution to the dissipation of the marriage
- The contribution each spouse made toward the education or increased earning power of the other
It is also important to remember that all debt accrued during the marriage is also eligible for distribution. In other words, the debts you shared can also be split in a divorce. If you are preparing for property division in your Tennessee divorce, make sure you have a knowledgeable, skilled family law attorney on your side.
Our firm can work with you to determine the best possible method to defend your assets and protect the properties that matter the most to you.
Contact Casey, Simmons & Bryant, PLLC to speak with our Jackson divorce lawyers about your case.