For marriages lasting 10, 20 or even 30 plus years, many assets will be accumulated during this time. From vacation houses to the living room sofa, acquired marital property can add up in value and significance over time. With the divorce rate at 50 percent, many Tennessee residents will at some point have to divide their assets with a former spouse. Property division is often a difficult task for many divorced individuals. The most common assets that are divided are usually the house, cars, retirement funds and savings accounts — but what about less common items such as frequent flyer miles or reward points with a credit card?
Traditionally these items are not immediately brought to mind when couples initiate their divorce. Regardless these items will also need to be divided. The state of Tennessee is an equitable distribution state, meaning that most property acquired during the marriage is susceptible to being divided equally. This includes any major purchases during the marriage such as a car or house but what about the little things with sentimental value? Such as furniture or art? Again, just like everything else, these things will also need to be divided.
For couples that are not amicable towards each other, property division can often be a difficult time. Ultimately the goal is to keep the emotional side out of this process. Say, for example, both spouses had an emotional attachment to a $400 chair or piece of furniture. Going to court over something so small can eventually add up in cost exceeding the value of the object. But for many individuals, that chair or whatever object it is could be priceless and worth the fight.
Tennessee residents that are going through a divorce and concerned with property division should know that creative solutions can be used so all property can be split fairly.
Source: Forbes, “Divorce: Who Gets The Air Miles?” Jeff Landers, June 26, 2013