Property division disputes are inevitable in divorce cases. In some high-net-worth divorces, the couple may try to resolve their issues amongst themselves. Unfortunately, if there is any hostility between them, this can be difficult at best.
In such situations, the spouses have no other option but to rely on the Tennessee Court system to handle the division of assets that were acquired during their marriage.
When both parties want to retain the family vacation home, for example, they will have to present their reason for wanting the home in court. Tennessee is an equitable distribution state. This means that the court is not required to follow a 50/50 division rule.
The court makes the decision
There are a variety of ways for the judge to resolve the issue of both parties wanting the vacation home. The judge may:
- Divide the earnings from the sale of the property. The remaining proceeds will be divided between the two parties following the sale of the vacation house and the settlement of any outstanding debts.
- Distribute the assets. A schedule that allows each of them equal time in the vacation house must be agreed upon by all parties. They will both be in charge of any upkeep and costs associated with the property.
- Split the houses equally. The vacation home will be occupied by one spouse, while the regular dwelling will be occupied by the other.
- Allow one spouse to buy the home from the other.
The divorcing couple must abide by the court’s decision.
Clearly, divorces can be emotionally charged and difficult to navigate, which can make it challenging for spouses to come to fair and just decisions together. Seeking legal assistance can help them ensure that their jointly owned property is divided equitably.