In a marriage, some assets will remain solely owned by one partner, while others will be divided during divorce proceedings. Typically, items acquired during the marriage are shared following separation, although some individual debts may still be your responsibility. It’s important to note that while the divorce decree outlines the obligations between partners, it does not alter the existing agreements with creditors.
How Are Assets Split in a Divorce?
Most states do not have a universal formula for asset division in divorce cases, Tennessee included. Each situation is looked at individually, taking various factors into account to achieve a fair distribution. Generally, marital property (assets acquired during the marriage) is shared equitably between the spouses.
What is deemed "equitable" can have a wide range - and while a 50-50 split is possible, it is not guaranteed. Separate property that was owned before marriage, or is inherited typically remains with its original owner.
Contributing factors in determining the division of marital property include:
- Contributions one spouse made towards the other's education
- The economic conditions and health of both individuals
- Tax implications
- The debts and liabilities each partner holds
Real Estate Division
When real estate is purchased in both names or transferred into joint ownership, it establishes legal rights and responsibilities for both partners. Generally, property bought by one spouse after marriage is classified as marital property, subject to claims from the other partner. Itt is wise to consult with a marital attorney before purchasing to see if separating the property is legally feasible.
Other Divisible Items:
- Business assets
- Investment accounts and bank holdings
- Wills and estates
Consult a Lawyer Experienced in Complex Asset Division in Tennessee
Our team of attorneys at Zanger Law have extensive experience with complex divorce cases across Tennessee. We understand your goal to secure a fair settlement while also wanting to move forward with your life. Reach out to our team today to discuss your divorce situation and the assets or businesses that may be involved.
