Tying the knot is one of the happiest days in the lives of most Montgomery newlyweds. The sight of family and friends gathered around to witness a couple sealing their love forever is truly a blessing. The problem is that the knot can be severed, especially in today’s society where approximately half of marriages end in divorce. So, what happens when the home or other property is divided? Property division is one of the toughest parts of divorce.
During the time a couple is married, they often acquire many assets together, including houses, cars, vacation homes, furniture and more. For many couples, this can be a bitter war to determine who gets what. One high-asset couple was even in the news recently due to their fighting over who got to keep their king-sized bed. In the state of Tennessee, marital property is defined as items acquired in the duration of the marriage.
In court, a judge will often try their best to distribute assets as equally as possible in what’s called as “equitable division.” Oftentimes this can be very difficult due to the different interests of each spouse or the sentimental value of an asset. For example, one spouse may have an emotional tie to a piece of furniture, even more so than the other spouse. When the courts determine equitable division of marital property, they will look at a variety of factors, including the duration of the marriage and the earning capacity of each spouse.
No two couples are the same, which makes it difficult to determine who gets what in a divorce. Any Montgomery resident facing divorce who is concerned about property division should be sure they get the right information about their rights.
Source: iReality Times, “Kelsey Grammer Bed: See Why Camille Desperately Wants To Keep The Lavish Bed As Part Of The Divorce,” March 20, 2013