This page will serve to introduce you to how assets are divided in a Tennesse divorce, and basically what factors determine who gets what. Please read on to learn more and find many links which discuss other divorce topics, as well as see these videos - our most effective way of offering you free consultations concerning your divorce.
Asset Division during Divorce
In Tennessee there are a number of factors which guide the fair and equitable distribution of property during a divorce. One of the most basic considerations is whether the property was acquired inside or during the marriage or separately, e.g. before the marriage.
Separate Property
Separate Property is generally set aside and not available for distribution to the other spouse, it includes:
Any property that was owned by either spouse prior to the marriage.
An inheritance received by the husband or wife (either before or during the marriage)
A gift received by the husband or wife from a third party (for example, a mother passes along her diamond ring to her daughter, the wife.)
Payment received for pain and suffering in a personal injury judgment
Some exceptions:
Separate property can become marital property if it is co-mingled or mixed with marital property. For example, if you previously and individually owned a house then add your new spouse to the title, your real estate will generally become marital property. If you deposit funds from an inheritance into a joint marital account, the funds will likely be considered marital property.
Factors the court must, by law, consider in dividing marital property
The duration of the marriage.
The age, physical and mental health, vocational skills, job prospects, earning capacity, estate, financial liabilities and financial needs of each of the parties.
The tangible or intangible contribution by one party to the education, training or increased earning power of the other party while they were married.
The relative ability of each party to acquire capital assets and generate income.
The contribution of each party to the acquisition, preservation, appreciation, depreciation or dissipation of the marital or separate property, including the contribution of a party to the marriage as homemaker, wage earner or parent, with the contribution of a party as homemaker or wage earner to be given the same weight if each party has fulfilled its role.
The value of the separate property of each party.
The estate of each party at the time of the marriage.
The economic circumstances of each party at the time the division of property is to become effective.
The tax consequences to each party, costs associated with the reasonably foreseeable sale of the asset, and other reasonably foreseeable expenses associated with the asset.
The amount of social security benefits available to each spouse, and
Such other factors as are necessary to consider the equities between the parties.
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