One of the main concerns that most spouses have during divorce is how to divide the assets and debts acquired during the marriage. If you do not have a valid and enforceable legal agreement on dividing marital property, like a prenup, state laws will come into play if your marriage is ending.
Tennessee courts strive for equitable distribution of marital assets and debts. It doesn’t always mean a 50/50 split. Instead, the court considers several factors with the aim of achieving fairness rather than equality. Some of these factors include:
- The length of the marriage
- The age and physical health of each spouse
- Each spouse’s contributions to the marriage
- The earning capacity of each spouse
- The value of any separate property
The list goes on and on, and the court may consider other relevant factors in your situation to achieve an equitable division in the event that you opt to litigate your differences with your spouse instead of negotiating a settlement that is mutually agreeable.
The first step is identifying and classifying marital and personal property. Once this is done, the assets will be valued and divided in a fair manner based on the above-mentioned factors. Finally, the court’s division of property will be outlined included in the final divorce decree.
What can go wrong?
A lot can happen during the property division process, and some developments can harm your interests. For instance, your spouse could hide assets that you may be entitled to or there could be disagreements about an asset’s value. These and other potential hurdles underscore the need for legal guidance to help ensure that you get what you deserve when all is said and done.
