Individuals who are going through a divorce will have to split up their property. This is done either by negotiating a settlement or by the court issuing a ruling that’s determined by the judge. In Tennessee, the standard that’s used is equitable distribution. This means that the split might not be equal, but it must consider various factors of the marriage.
Equitable distribution isn’t necessarily based on which spouse made more money. Instead, it’s based on what’s fair. This puts a person who sacrificed their career to raise children or care for the house on the same level as the one who remained working to financially support the home. This method takes the contributions of raising children or caring for the home into consideration. These are considered non-monetary contributions.
Many factors go into determining what’s equitable in a marital split. The duration of the marriage and each party’s ability to earn a living. If there are children who still live with one parent, that’s another factor. Having to pay support payments from a previous relationship is also a consideration. Factors like infidelity, domestic violence and similar issues might also impact what’s considered equitable in these cases.
Typically, people who can negotiate the settlement come out with something that will work for them. This is usually done through a collaborative divorce or mediation. You and your ex might work directly with each other or your respective attorneys might handle the process. In either case, the goal is to have a good financial footing that doesn’t add stress to your new life.