The main question that arises during the divorce process is the questions of deviding assets. This could be property or any other valuable thing you think should be divided fairly between two ex partners. However, it depends on whether these assets are communal (marital) or separate.
What are Separate Assets in Tennessee?
Generally, these are the funds, residential properties, financial investments, heirlooms, or various other possessions you own independently. This usually includes possessions you had before your marriage, inherited, obtained with your own personal funds, or as a gift. Any kind of possessions used for both you and your spouse (such as car, retirement accounts, etc.) or bought through shared accounts, even if bought by you, will be considered as marital assets.
In addition, debts also could be separate, such as student loans or credit card debts you hade prior marriage.
As soon as all assets are identified, classified, and valued, the trial court must divide them equitably. However, in this situation “equitably” does not mean “equally”. To put it simply, not every piece of matiral property will be shared between divorce parties and sometimes a cout may decide to give the whole asset to one spouse.
What Are The Factors Of Asset Division In Tennesee?
Under Tennessee legislation, the court takes into consideration following aspicts in dividing communal property:
- Time spent in marriage;
- The age, physical and also psychological health, professional skills, employability, earning capability, estate, financial liabilities as well as needs of each of the parties;
- Whether one party obtained any tangible or intangible contribution from another party in terms of education, training or increased earning power;
- The capacity of each party for future acquisitions of capital assets as well as income;
- The contribution of each party to the purchase, conservation, recognition, devaluation or dissipation of the marital or separate property, including the contribution of a party to the marriage as a homeowner, wage earner or parent, if each peartner has actually fulfilled its role; (who contributed more, who played the marital role more, and why);
- The worth of the separate assets of each party;
- The estate of each party during marriage;
- The financial situations of each party at the time the division is to come into effect;
- The amount of social security advantages available to every partner; as well as.
- Other essential factors to consider the equities between the parties.
Tennessee regulation takes into consideration each spouse’s separate property and if one spouse has significantly more assetes, the other partner is most likely to be awarded a greater division of marital property.
What Can A Lawyer Do?
Final property decisions are tough to turn around, so it is necessary that you are satisfied with your divorce settlement. The best way to handle the division of your property is to contact a divorce lawyer who can advise you and provide reliable financial resources. A professional divorce attorney could help you make sure that your settlement is reasonable as well as fulfills your demands.
If you’re facing divorce, don’t take on the process alone. Professional divorce lawyers at Conner & Roberts, LLC will offer you compassionate legal advice and meticulous preparation for your divorce. Contact our company today to schedule a free legal consultation.