When a marriage ends in Tennessee, one of the most challenging issues to resolve can be the division of property. What questions should you ask when approaching the divorce process?
Who owns your property?
The first step in the process is to classify the property as either marital or separate. The distinction between these types of property is crucial because the court will only divide marital property during the divorce process.
Marital property includes most of the assets and debts that both of you acquired after your wedding. You and your spouse both have a claim on this property, no matter whose name is on the title.
Separate property, on the other hand, refers to anything one spouse owned before the marriage, inherited individually, or received as a personal gift during the marriage.
How much is your property worth?
Knowing how much your property is worth can help you ensure that you receive a fair portion of your shared assets. Valuation is typically based on the fair market value of the property at the date of separation. This step is especially important for significant assets like real estate, businesses or complex investments, which often require professional appraisal.
How much does each spouse receive?
While both spouses have a claim on the property they acquired during their marriage, this does not mean that they will both receive an equal share. In Tennessee, the court will work toward an equitable or fair division of property. A fair outcome will factor in a variety of details, including the contributions each spouse made to the household during the marriage and their financial situation after divorce.
The specific property you own after the divorce depends on your specific situation. For example, you might choose to keep the family home and let your spouse take more of the savings. In other situations, one spouse might take more of the retirement savings because the other has more income and can rebuild their savings more easily.
Given how complex dividing property can be, it is a good idea to talk to a family law attorney. An attorney can give you advice suited to your situation, help protect your rights, and make sure you meet all legal requirements.
Divorce is a challenging process, and the division of property can be one of the most contentious parts of it. Asking the right questions can help you make informed decisions during property division.
