One of the common concerns for those in the process of a divorce is how their asset and income division will be handled. The basis is that property and assets are to be divided fairly between the two parties. This does not necessarily mean that each party will receive half of each asset. For example, how can each party receive half of the family home? However, there are ways of making the asset division as equitable as possible.
For example, it is possible for each person to receive half of the proceeds of sale of the home. This isn’t always how a court would handle the property division; however, it is an option for those dividing property obtained during the marriage. Under Tennessee law, marital property is that which the couple acquired during the marriage. But, separate property can still exist even if the asset or debt was acquired at the time of the marriage.
Of course this is all particular to the marriage and the couple’s assets that are available for division. Financial decisions during the course of the marriage will help shape certain outcomes during the divorce.
Common forms of marital property are when both spouses put their name on the deed of a house, the title of a car or other commonly used property. However, each marriage and financial situation is different so it is best to understand the specifications of your financial situation.
This time of change can seem overwhelming at times but slowly and steadily all questions will be answered and issues addressed. Patience is a great virtue to have during divorce. When it comes to property division, each spouse should keep a list of their separate and common property. Equitable division of assets is possible during a Tennessee divorce.
Source: FindLaw, “Who owns what in marital property?” Accessed Sept. 28, 2015