How Will Property Division Impact Your Life?
Property division is one of the most contentious issues in divorce. Ensuring that your property division agreement is drafted, negotiated and finalized properly is critical to your future. In Tennessee, it is possible to protect assets and money that was acquired prior to marriage, but assets and money acquired during the marriage will be divided. Tennessee is an equitable distribution state, which means that marital property, including debts, will be divided fairly between spouses, but not necessarily in a 50-50 ratio.
- What is marital property? All property acquired during the marriage, including real estate, bank account funds, brokerage account funds, retirement account funds, gifts, inheritances, business property and debts.
- What is nonmarital property? All property (also known as "separate property"), including debts, acquired prior to the marriage, usually consisting of gifts, inheritances, savings, and some real and business property.
The Court's Decision In Your Property Division Agreement
The court considers at least a dozen factors in addition to the balance of separate property between the spouses in making decisions regarding your property division agreement. If one spouse has substantially more separate property, the other spouse might be awarded a greater portion of marital property. The court might also rule that separate property be part of the agreement and distributed equitably if it has been commingled; if evidence exists to show that there has been an intention of making it marital property (called transmutation); or if both spouses contributed to the appreciation of nonmarital property.
Speak With One Of Our Lawyers About Your Unique Case
We will help you understand complex factors, laws and calculations that affect your property division agreement. Gaining an understanding of your specific concerns and goals during a free initial consultation, our Brentwood-based lawyers will work to draft and negotiate an agreement that preserves your financial stability and assets to the fullest extent possible.Please call us at 615370-3010, or send us an email to schedule a meeting.