When people decide to get married, divorce is usually the furthest thought from their mind. However, the reality is that nearly half of all marriages end due to dissolution of the marriage. It’s fairly common, however, when divorce happens to you or a loved one, you likely will have many questions about the process. Questions related to property division are often high on the list of concerns.
During property division anything considered of value between a married couple, including financial accounts, assets, property or any other thing of value will be up for a split between the soon-to-be ex-spouses. Tennessee is an equitable property state, which means all marital property is split evenly. A judge may determine what is equitable, or fair, rather than splitting the property equally in two. This could mean an uneven distribution of assets, depending on specifics related to the couple in a divorce.
This does not include separate property acquired before the marriage. Gifts, court awards, inheritance and pension proceeds also qualify as separate property and are generally not considered part of marital property proceedings. Many couples are concerned with the investment they have in a family home and the answer to that issue is not always immediately obvious.
Who gets the house may be more of a question of who might give up other assets in lieu of receiving the house. Since property division is meant to be fair and equitable, rather than a 50/50 split, the family home could very well be one of the larger assets divorcing couples are concerned with during property division in a divorce. Property division is usually handled completely separate from child custody matters. If alimony is a factor, it will usually be handled during property division.