People from Tennessee may be aware that divorce can bring many changes to a person's life. The couple may have concerns about the effect of divorce on their life and upbringing of their children post-divorce. Also, property division is probably one of the main concerns of the couple. While a major portion of the property may be divided equally between them, both may want to keep the marital home.
If one of the spouses wants to keep the home, an equalization payment, which is half the equity in the home, should be paid to the other spouse. However, if the couple decides to sell the house and divide the proceeds between them, they may agree on a listing price. Once the house is sold, the profits and expenses may be divided equally between them. Sometimes, a couple may decide to rent the house and be co-landlords.
However, if there is a conflict between the two spouses on dividing the marital home, they may seek the court's intervention for equitable division. A dispute between the spouses may happen if both of them want possession of the home or one may want to sell the house while the other may want to keep it. The court may intervene and decide on the property division. Also, in some cases, the court may order the couple to build a wall inside the house to ensure that both spouses can stay in the house separately.
According to Tennessee law, vacation homes and other real estate assets will also be divided between the couple. Retirement assets, business assets, household goods and automobiles should also be included in the final settlement. The assistance of valuation experts may be used to discover the value of all marital property and to ensure that the valuation of the property is accurately done before the division. Also, all debts must be shared evenly and fairly between the couple.
Property division is a complex facet of divorce and both people should consider all of their legal options before signing off on a divorce settlement.
Source: Newsday, "Your Finance: Divorce and the marital home," Geoff Williams, Oct. 11, 2013