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Asset & Property Division Lawyer - Knoxville, TN
How Is Property Divived During A Divorce In Tennessee?
In Tennessee, property division can be decided by the court or the couple getting divorced. For instance, if you and your soon-to-be ex-spouse can reach an agreement regarding your asset and property division, then you can outline this understanding in your marital dissolution agreement. However, if you cannot agree, the court or a third party will have to make the decision for you.
What Is Considered When Dividing Property?
Tennessee is considered an equitable distribution state - meaning that marital property is divided fairly and reasonably, but not necessarily 50-50.
The Tennessee courts will look at many different factors when determining how to equitably divide property during divorce.
Some of these factors are:
The ages and health of you and your spouse
The financial needs of you and your spouse
The individual property and asset contributions of you and your spouse, including contributions as a homemaker
The number of years you and your spouse were married
The skills and earning capacities of you and your spouse, as well as your abilities for future acquisitions of income and assets
Under Tennessee law, only marital property is subject to equitable division upon divorce. Marital property is defined as any assets or property acquired by either you or your spouse during thr course of your marriage. In many marriages, there can be substantial amounts of marital property accumulated.
The process of dividing marital assets can be complex, especially when many assets need to be valued and split. The process can be very complicated, often requiring the assistance of a lawyer - we understand the intricacies of property division and work hard to make sure your rights are protected.
Contact A Knoxville Asset & Property Division Lawyer For Help
If you have questions about how property is divided and split during a divorce in Tennessee, contact the Law Office of Allen E. Schwartz for help. Let our over 40 years of experience work for you!