Property Division

Divorce is already a stressful time for couples. And one of the most contentious issues that arise at the end of a marriage is the division of property. Not only do the assets need to be equally divided between the spouses, but so do the debts. How is the division determined? And what can you do to make sure the process runs smoothly?

The divorce attorneys at MTR Family Law, PLLC know that this is a stressful time in a couple’s lives. That’s why we will work with you to make sure a proper value is assigned and the property is equally and fairly divided. We will make sure your separate property will not be added to the marital property list.

How the Division of Property is Decided

Tennessee uses an “equitable distribution” standard when determining the division of all assets and debts in divorce cases. What this means is that the court will approve the division of property as long as the divide is fair, just, and reasonable to both parties involved.

When deciding the property, the judge will look at the following factors:

  • The duration of the marriage
  • The age, health, vocational skills, employability, earning capacity, and financial liabilities and needs of each spouse
  • The contribution each spouse has made to the marital and separate property
  • The value of each spouse’s separate property
  • The estate of each spouse at the time of the marriage
  • The tax and economic circumstances the spouses are at the time of the division
  • The Social Security benefits available to each spouse
  • And other factors

No matter if your divorce is no-fault or an at-fault, the courts are required to separate the property equally.

Marital Property vs. Non-Marital Property

Marital property refers to any property that belongs to the marriage, whether tangible or intangible. It is the property that was acquired during the course of the marriage; for example, the home you and your spouse had purchased is considered marital property.

Non-marital property, also known as separate property, includes the following:

  • Property that was owned by one spouse prior to the marriage
  • Property acquired by a spouse in exchange for property acquired before the marriage
  • Income from and appreciation of a property owned by the spouse before the marriage
  • Awards that came from a lawsuit, such as pain and suffering and victim of crime compensation
  • Gifts
  • The property the spouse acquired after an order of legal separation where the court made a final disposition of property

How Value is Determined

The value of some assets is easier to determine than others, such as stock options and bank accounts. But what about other assets like jewelry or vehicles?

For assets that value is more difficult to assign, the court will need to decide. The spouses may be asked to give their opinions on the value; however, in most cases, an appraiser or expert may be asked to give their expert opinion.

MTR Family Law, PLLC is Here to Help

To find out more about how our Nashville divorce attorneys can help you get your fair share of the property you and your spouse enjoyed in marriage, contact MTR Family Law, PLLC today for more information. We’re here to help you in your time of need.

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