If you are in the process of filing for a divorce in the state of Tennessee, you may be worried about how the assets will be divided. Unfortunately, many divorcing couples struggle financially in the aftermath of a divorce, because they have to maintain a home and a family lifestyle with one income instead of two.
The process of property division in the state of Tennessee aims to devise a solution that is fair for all. In order to do this, they follow the legal theory of equitable distribution. This means that instead of blindly splitting marital property equally at the point of divorce, a decision is brought about after assessing factors such as income, financial responsibilities, and contributions to the marriage.
What assets will be subject to division in a Tennessee divorce?
Firstly, it is very important to note that only assets considered marital property will be subject to property division during a divorce. If, for example, the home was purchased by one spouse before the marriage took place, this will probably not be subject to division — although the equity gained since the marriage may be an issue. Additionally, any personal injury claims or personal gifts belonging solely to one spouse will not be considered marital property. However, other assets gained during the marriage — including savings from wages — will be subject to division.
How will my divorce be assessed?
The courts will try to equalize any financial struggles they foresee for either spouse. Therefore, they will assess the future earning potential for each spouse and their necessary outgoings.
How can I achieve a successful outcome?
If you want to achieve a successful outcome in your divorce regarding the property division, it is important to learn how you can make the law work to your advantage. There are different strategies you can take as you work for a fair division of assets, including mediation and collaboration. If those fail, you can also litigate the divorce.