In the state of Tennessee, when couples decide to end their marriage, they face the task of dividing their assets. However, it is not simply a matter of splitting everything in half. Instead, the goal is to ensure that each spouse receives a fair portion of the marital property.
This process, known as asset division, involves assessing various factors to determine what is equitable. Understanding how marital assets get divided during a divorce can provide clarity and empower both parties involved.
Identifying marital assets
The first step is to identify what counts as marital assets. These are things such as property, money in bank accounts, retirement savings, investments and other items acquired during the marriage. Things owned before the marriage or received as gifts or inheritances may not count as marital assets.
Equitable distribution
In Tennessee, the principle of equitable distribution governs asset division, meaning the court divides assets fairly but not always equally. The court looks at factors such as the ages and health of both spouses, how long the marriage lasted, each spouse’s earning potential, and whether either of them wasted or hid any assets during the marriage.
The division process
After identifying and valuing all assets, the court decides how to divide them. The goal is to ensure both spouses receive a fair share to support themselves after the divorce. This process also considers what each spouse contributed to the union and what their financial situation will be after the divorce.
By approaching the division of assets with understanding and insight, divorcing couples can aim for a more friendly and fair outcome.
