How Does Tennessee Handle Property Division during Divorce?

If you’re facing a divorce, property division is a primary financial concern, and having a solid understanding of how the matter is addressed in Tennessee can provide you with a better understanding of your case. Because protecting your financial rights throughout the divorce process is key, it’s in your best interest to consult with our experienced divorce lawyers early.

The Equitable Division of Marital Property

In Tennessee, marital assets must be divided equitably in a divorce, which means they must be split relatively after a range of relevant circumstances are carefully considered. While an equitable division can be equal, this isn’t always the case.

Anything that you, your spouse, or the two of you together acquired while you were married is considered marital property, and you’ll need to find a way to divide these assets fairly in the event of a divorce. Tennessee courts generally begin with an equal division and adjust from that point based on the unique circumstances involved.

The Process of Separating Assets

Those assets that either spouse owned before marriage or kept strictly separate during the marriage are separate property that won’t be included in the property division process. However, any increase in an individual asset’s value throughout the marriage is considered marital, and any commingling of separate and marital assets can make separating the two from one another far more challenging.

Factors that Guide Property Division

Some of the primary factors that guide the division of property in a Tennessee divorce include the following:

Length of marriage
Contributions to either spouse made to the other’s earning power during the marriage
Age, overall mental and physical health, earning capacity, employability, and vocational skills
Separate assets, financial liabilities, and financial needs
Contributions to marital property, including in the form of homemaking and caring for the children
Current economic situation
The tax implications for each spouse concerning the proposed property division

When Tennessee courts make determinations regarding the equitable division of marital assets, they have the discretion to split things unevenly if relevant factors support their decision.

Reaching an Agreement between Yourselves

You won’t need the court’s intervention if you and your divorcing spouse can reach a mutually acceptable agreement regarding the equitable division of your marital assets. If so, you’ll create a Marital Dissolution Agreement (MDA) that formally establishes your property division in a legally binding contract.

Our Experienced Divorce Lawyers are Standing by to Help

If you’re going through a divorce, our attorneys can carefully protect your financial rights throughout the process, which includes skillfully negotiating a fair division of your marital assets. How your assets are divided will play a critical role in your financial future, so please reach out and contact us online or call 931-954-1066 for more information about what we can do to help you today.