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Know the property types before trying to divide property

On Behalf of | May 20, 2016 | Property Division

Going through a divorce in Tennessee means that you will have to divide property based on what is fair and equitable. Tennessee doesn’t handle property division based on a 50-50 split. In addition to trying to determine what is fair and equitable, we will have to determine what property falls under which classification. There are two classifications for property during the property division process — nonmarital property and marital property.

When we are going through the property division process, nonmarital property isn’t considered. Nonmarital property is any asset that was acquired before the marriage. This can include real estate, debts and business assets. It can also include inheritances and gifts meant for one spouse, even if those were obtained during the marriage. In the case of nonmarital property, there are specific conditions that must be met in order for the property to be officially classified as nonmarital.

The type of property that we must divide is the marital property. This includes any debt or asset that was acquired during the course of the marriage. When we try to divide these assets, we must consider the value of each item, as well as the liability of each item. Think about it this way — your house is valued at $250,000, but you still owe $200,000 on the mortgage. That means that the house is actually worth $50,000. Now you have to think about the upkeep of the house, which will also be deducted from the value.

We know that you want the best possible property division result as possible. We can work on your behalf to try and reach that goal.

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