Any Tennessee resident who has had the misfortune of divorcing after years together with a spouse might agree that dividing assets and property is a serious matter with long-term consequences. Tennessee law requires that marital properties be equitably divided between the spouses. A family law judge, however, has some leeway in considering the financial situations of both spouses and dividing property in ways that satisfy the goal of fairness. More information on property division is available in an earlier post.
Property division involves splitting the combined and individual properties held by two spouses. To be thorough and fair, all properties must be evaluated before a final division order can be handed down. Investments, retirement benefits and returns from any business one or both spouses operate are also divisible assets. In addition, a judge considers the length of the marriage and both spouses’ ages, health, work skills, employability, financial liabilities and debts. In this way, the life situations of both spouses are fairly considered before the judge makes a final decision.
Our law firm has more than 20 years of experience in handling property division cases. We understand that every case is unique, and we always work to provide our clients with solutions that best meet their circumstances and produce the best possible outcomes for them. We work to ensure that all debts such as home mortgage and automobile loans are divided between the spouses so that neither one is burdened with more than they can handle. We also make every effort to ensure that all assets are accounted for, fairly evaluated and then equitably divided between the spouses.
We always help our clients understand the consequences of every decision made during division. Our experts are always available for a free consultation that can help a potential client better understand the law.