When a couple goes through a divorce, not only do they need to separate themselves emotionally from the marriage, but they also need to separate all financial assets. After being married for many years, it’s common for couples to be very financially intertwined, and they may not have a clear view of how they can divide assets fairly.
There are laws on how property should be divided at divorce, but every state is different. Therefore, if you are getting divorced in Tennessee, you must make sure that you have a clear understanding of Tennessee marital property law.
What are marital assets?
Not all assets owned by both spouses are eligible for distribution at divorce. Only marital assets will be subject to division. Marital assets count as any assets that were acquired by either spouse after the marriage took place, with the exception of gifts, awards for damages or inheritances.
What are the marital property laws in Tennessee?
All states fall into one of two categories when it comes to marital property law: They either recognize community property, or they don’t. Tennessee, like many other states, does not recognize community property. This means that the courts do not believe that marital property should automatically be divided equally between spouses at divorce.
Instead, Tennessee courts go about dividing marital property along the lines of equitable distribution. They take many factors into account before deciding on what they believe to be the fairest possible outcome.
If you are considering filing for divorce in Tennessee, you must take action to understand how the law will likely affect you from a financial perspective.