So you are thinking about divorcing your spouse? Regardless of how long you have been married, there will certainly be issues to sort out. One of the issues that divorcing couples often have many questions about is the topic of property division. Most divorcing spouses must go through the process of property division, which is supposed to achieve an equitable division of assets and liabilities.
For Montgomery County residents, it is important to understand that Tennessee is an ‘equitable division’ state as opposed to a community property state. In equitable division states, courts try to divide the assets in a fair way, though not necessarily equally among each spouse. For example, earnings of each spouse are compared as well as any opportunity costs such as the choice to stay home with the children instead of achieving a degree that would increase income earnings potential.
Only marital property is divisible in both equitable division and community property states. This is defined as property that is acquired during the union. However, there is a very fine line separating marital from non-marital property. Depending on a divorcing couple’s situation, there may be a move from one or both parties to consider both types of property in the division. Each equitable division case is different based on a divorcing spouse’s circumstances.
Addressing these unique aspects are key to achieving a division that is equitable and suitable for both parties. While equitable division may seem to be a daunting task at first glance, each piece will slide into place until the task is complete. Understanding how perseverance and a positive attitude can be beneficial to the process is possibly the most important part. With a great attitude and the appropriate legal help to succeed, an equitable division of property can be a reality.
Source: FindLawimages.com, “The FindLaw Guide to divorce and property division,” Accessed on March 7, 2016