How Tennessee Asserts are Divided When Spouses Divorce
Fighting to get spouses their full and equitable share of the marital property
Spouses work hard to buy a home, build up their bank accounts, and acquire personal property during their marriage. Spouses in longer marriages often have worked long enough that their retirement benefits have monetary value. In Tennessee, marital property is divided equitably. This means that the assets are divided based on what is fair even if that means one spouse gets more than 50% of the marital assets.
For close to a decade, the Law Office of Tara Carter has been helping clients throughout Middle Tennessee get justice. We meticulously review each asset you and your spouse have acquired during the marriage. Our Middle Tennessee property division lawyers work with appraisers, retirement experts, and accountants to properly value the assets. We then help spouses prioritize which assets they want to keep and which assets they might be willing to trade off to reach a fair settlement. When settlements cannot be reached our lawyers advocate in court before family law judges.
What is marital property?
Marital property is all the property the spouses buy during the marriage. Marital property includes:
- Real estate
- Bank accounts
- Stock options
- IRA account
- Intellectual property
- Workers’ compensation benefits
- Disability benefits
- And anything tangible or intangible that was acquired during the marriage
Property that each spouse owned prior to the marriage is considered separate property except for the increase in value or if the property was commingled with marital property. For example, if a spouse owned a home worth $50,000 when they married, and the house increased in value to $150,000, then the marital property increased in value by $100,000. That increased value $100,000 will be divided equitably – even if the home was titled just in the name of the original spouse.
Assets may not be marital property if they are covered by a prenuptial or postnuptial agreement.
An experienced Middle Tennessee property asset division lawyer works to properly identify all marital property, all separate property, and the value of each asset. Our attorneys also work to discover hidden assets. We are experienced in high-asset divorces and in divorces where the spouses have been married for weeks, years, and decades.
What factors are used to divided marital property
Assets can be divided by the agreement of the spouses and their counsel, through the use of a mediator, or by a family court judge. Often our Middle Tennessee equitable divisions attorneys negotiate so that each spouse can keep their priority items. For example, a spouse may waive an interest in the other spouse’s retirement benefits in order to keep the marital home.
The factors courts consider inequitable division contests include:
- The length of the marriage
- The ability of each spouse to earn a living
- The financial needs of each spouse
- The physical and mental health of each spouse
- The contributions made by one spouse so the other spouse could earn a living or get an education
- The tax consequences
- The costs to keep the property instead of selling it
The debts of each spouse also need to be resolved. For example, if a mother keeps a marital home, then who is responsible for the mortgage must be resolved. Courts consider who benefited from the debt, the purpose of the debt, and who can repay it.
Talk with a respected Tennessee property division attorney now
At the Law Office of Tara Carter, we understand how anxious you are to get on with your life. We fight to get you every dollar you deserve so you have the financial security you need. Our Middle Tennessee attorneys present the best arguments and strategies possible to allow you to achieve your financial priority goals. To discuss your case for free, please phone us at (615) 495-6000 or use our online contact form. We see spouses who live in Nashville, Brentwood, Hendersonville, Murfreesboro, Goodlettsville, Lebanon, Ashland City, and other nearby areas.