In a Divorce, are Assets Split 50-50?

In Tennessee, marital property is divided on an equitable, though not necessarily even, basis.

Regardless of the reasons for the breakup of your marriage or whether you and your spouse agree to the terms, there are still important issues that must be resolved before a final divorce order can be issued in your case. One of these issues concerns division of the marital property and assets you and your spouse have accumulated over the course of your marriage. Rather than splitting everything down the middle 50/50, the court aims for a more fair and equitable distribution, based on the circumstances involved.

Equitable Division in Tennessee Divorce

Depending on the situation and the amount of time you and your spouse were together, you may have accumulated significant amounts of property and assets during your marriage. Under Section 36-4-121 of the Tennessee Code , all of this property must be divided on an equitable basis. This means that the judge will consider certain factors in your case, such as the following:

• The age and health of each spouse;
• The length of the marriage;
• Each person’s individual income and assets;
• Their contributions towards earning, accumulating, and maintaining marital property and assets;
• Whether one spouse gave up their career or education for the sake of the other or to take care of children from the marriage;
• Whether one of the spouses engaged in marital misconduct, such as having affairs or a gambling addiction, which could have led them to squander marital assets.

All of these are important factors you will want to review with your Manchester divorce attorney . Depending on the situation and both you and your spouse’s actions during the marriage, you may be entitled to a greater share of any marital property in any divorce related settlements.

Getting Your Fair Share of Marital Property During Divorce Proceedings

One of the key factors in ensuring you get the maximum amount you are entitled to in any marital settlement agreements or orders issued in your case is to ensure all property and assets are disclosed during these proceedings. It is not uncommon for one spouse to attempt to hide assets from the other as a way of avoiding having to split them in a divorce.

As part of your divorce, the Tennessee Courts require that you submit certain forms, one of which is a financial declaration. When filling out this form, be sure and include all of the following:

• Hopes, vacation homes, rental property, and timeshares;
• Cars, motorcycles, boats, and other recreational vehicles;
• Furniture and home furnishings, including artwork and antiques;
• Hobby and collectible items, such as coin or gun collections;
• Individually owned businesses and partnerships;
• Funds in bank and investment accounts;
• 401k, pension, and other retirement benefits.

Our Manchester Divorce Attorneys are Here to Help

At Burch, Morrison, & Stewart, we provide the trusted legal representation you need to ensure you get what you are entitled to in your divorce. To discuss your options and how we can assist you, contact our Manchester divorce attorneys today and request a confidential consultation.