Property Division in Tennessee
Protect Your Assets With Help From Our Jackson Property Division Attorney
If you are getting a divorce in Tennessee, you must know what property is considered marital property and how it will be divided between you and your spouse. If you and your spouse can agree with how property, assets, and debt are distributed amongst each party, you can determine the terms of the agreement. However, if you are not able to reach an agreement, the judge will decide what property each party receives based on several marriage factors.
At Casey, Simmons & Bryant, PLLC, our Jackson property division lawyers are committed to protecting your rights and best interests. We will work hard to preserve your financial investments and give you a fresh start in the next chapter in life.
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How Are Assets Divided in a Divorce in Tennessee?
If you and your spouse come to an agreement with regards to how property is divided, then you can make all of the decisions. Your agreement needs to be documented in a Marital Dissolution Agreement.
But if you cannot come to an agreement, you will have to go to court for a judge to determine an equitable distribution of your property. Equitable is defined as a fair, reasonable, and just. However, equitable does not mean equal, so a judge can order one spouse to receive a larger share if the evidence suggests that it is a fair distribution.
The following are the factors a court considers in dividing a couple’s property:
- The duration of the marriage
- Age of each party
- Physical and mental health of each party
- Vocational skills, earning capacity, and employability of each party
- Each spouse’s contribution to the acquisition, preservation, appreciation, or dissipation of the marital or separate property
- Each spouse’s contribution to the education, training, or increased earning power to the other
- The value of each spouse’s separate property
- Each spouse’s estate at the time of marriage
- Each spouse’s retirement benefits, pensions, stocks, 401(k) plans, and Social Security benefits
- The economic circumstances of each spouse at the time property division is to become effective
What Is Considered Marital Property in TN?
Marital property is defined as any assets or property acquired by either spouse during the course of the marriage, which may include:
Homes and vacation properties;
Retirement accounts, including pensions and 401(k)s;
Bank accounts and cash;
Stocks and other investment accounts;
Is a House Bought After Marriage Marital Property?
A home acquired during the marriage belongs to both spouses, even if the home is only titled in one spouse’s name. If marital assets were used to purchase, maintain, or improve the home, it is considered marital property.
How Is Debt Divided in a Divorce in Tennessee?
In a Tennessee divorce, a couple’s debt is divided much like their assets—equitably. However, it also depends on the situation. For example, the judge may award the lower-earning spouse with less debt than the higher-earning spouse or, if one spouse mishandled the assets, the judge may assign the entire debt to him or her.
Contact Our Jackson Property Division Lawyer for Experienced Legal Assistance Today
You have too much to lose and everything to gain by consulting with a lawyer. Our Jackson property division attorney can review your divorce and determine all of your available legal options in order to obtain the most favorable outcome possible.
Contact us to request a free consultation with our Jackson property division lawyer.
At our firm, we understand that you are going through a difficult time. We will guide you through this process with compassion and experience.
We understand that every case is unique. Our firm provides personalized attention and unique strategies for each case in order to achieve the most favorable results.
When you work with our firm, you will have advocates on your side that are ready for any circumstances and are not afraid to take your case to trial to secure favorable results.
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Our firm offers more than 30 years of combined legal experience to advocate for you. Each of our attorneys will bring their insight and to your case.