Going through a divorce means that you need to make yourself familiar with different laws and processes. While this may feel overwhelming and tedious right now, taking early action to understand how the divorce process works could make for a better outcome.
Dividing assets in a divorce can be a stressful process, but it doesn’t need to be. State laws differ considerably in regard to how assets are divided, so it is important that you pay particular attention to the laws in your state. The following is an overview of how marital assets are divided in Tennessee.
What are marital assets?
Marital assets are the only type of assets that are subject to division in a divorce. They are defined as any assets gained by either spouse after the marriage took place, with the exception of gifts, inheritances, and lawsuit winnings. Essentially, this means that any assets gained before the marriage took place are not subject to division at divorce.
How are marital assets divided?
Community property is not recognized in Tennessee. This means that marital assets are not automatically divided 50/50 between couples. Instead, the courts consider the fairest possible way to divide assets between spouses when considering a number of different factors. For example, if one spouse accumulated a lot of marital debt through gambling and drinking, they may inherit the majority of this debt at divorce.
If you are considering filing for divorce in Tennessee, it is important that you take action to understand how the law can benefit your process. By taking early action, you’ll have the best possible chance of a favorable result.