Who gets to keep the house in the divorce? How are savings accounts split during the property division process? Can one spouse get more assets in a divorce than the other spouse? These are just a few questions people ask about asset division when filing for divorce.
Property division is often a very contentious issue during divorce. It is often important for people to understand what marital assets mean and how Tennessee courts divide assets. Here is what you should know:
What are marital assets?
Marital assets refer to certain assets that a married couple acquired during their marriage. Assets acquired before marriage are typically considered separate property.
However, there are a few types of assets that are not considered marital property even if they were acquired during a marriage. For example, inheritance and gifts may be excluded from the marital estate.
Separate property can also become marital property. For example, commingling refers to when separate property is combined with marital assets. This can happen when banking accounts are combined or savings are used to repair a jointly owned home.
How are marital assets divided?
In Tennessee, marital assets are divided based on an equitable distribution method. This means assets are divided based on what appears to be fair rather than equal. The length of the marriage, value of the estate and each spouse’s level of income are just a few factors that can impact the equitable distribution of marital assets.
By working with professional legal guidance, people can learn more about asset division and protect their assets during a divorce.