Divorce can be an emotional roller coaster. The death of a relationship should be mourned, but a new and happier life awaits you if you want it. Although you may have decided on a visitation schedule if children are involved, as well as who will live where, issues usually arise when determining who gets what. You both contributed assets to the marriage, and now they must be split.
Although other marital issues may depend on income, education, work history, and how many children you have, the division of assets accumulated during the marriage will be subjectively decided by the court if you and your estranged spouse disagree. Contact a well-practiced property division attorney to discuss common issues during asset division in Red Bank.
Nine states feature community property laws for divorcing couples, in which property is allocated as separate or belonging to both spouses. Joint property is generally split equally, although the courts have some leeway. States that favor equitable distribution, and Tennessee is one, allocate separate and marital property but split marital property equitably. Equitable distribution is subjective, and thus, one of the common points of debate that arise during asset division in Red Bank. Although the courts attempt to consider the family’s needs, one spouse will often become combative if the other spouse is awarded more of the marital property.
Tennessee views marital property as all (1) tangible and intangible, (2) real and personal property acquired during the marriage by either spouse or both—up to the final divorce hearing. Marital property can also include the increase in value or the income from one spouse’s separate property during the marriage if the other spouse contributes to the maintenance of the property, such as one spouse paying the mortgage on the other spouse’s rental home acquired before the marriage. Business ownership, personal injury settlements, social security disability income, and workers’ compensation benefits can all be considered marital if acquired during the union.
Tennessee Code Annotated § 36-4-121 excludes certain real and personal property from marital assets if one spouse owned it before marrying or it is linked to an event prior to marriage. These exclusions include:
When arguments cloud asset division, the spouses along with their attorneys can negotiate for the best outcome, taking into consideration facts the court will value if the spouses cannot resolve the dilemma. Remember that the divorce can only be finalized once the property is distributed. Both spouses should determine what property they prefer to keep and what they might let go to keep it. A competent Red Bank attorney could help mediate and resolve common issues during the property division process.
The judge presiding over the divorce has leeway when allocating property. Some common factors considered include:
If one spouse was the breadwinner and the other managed the home and children, the duties are presumed equal. An experienced lawyer in Red Bank could protect a spouse’s interests to ensure the division of property is fair.
Tennessee divorce law aims to make property division of the marital estate fair, which does not mean equal. The most common issue over the equitable distribution of assets is one spouse may begrudge the other spouse if they are awarded more. Our dedicated lawyers steadfastly advocate for clients by collecting and presenting evidence of a spouse’s contributions, and we work to establish why some assets should be separate.
If you are divorcing, we hope you can reach an amicable settlement agreement with your estranged spouse. If matters are tense, let us help restore calm to a volatile situation. We understand Tennessee divorce statutes and that you deserve a fair settlement for your contributions to the marriage. Our skilled legal professionals could help settle common issues during asset division in Red Bank. Call today.