Practice Areas

Division Of Marital Assets In Tennessee

Tennessee is an equitable distribution state, which means if the parties in a divorce cannot reach agreement on how to divide marital assets and debt, the court will distribute the assets in a manner it deems fair and equitable. As with property division in Tennessee, it is important to note that equitable division does not mean all assets will be divided 50-50. Instead, the court considers a number of factors to determine what is fair and equitable. These include:

  • The length of the marriage
  • The age, health and vocational skills of each party
  • The employability and earning capacity of each spouse
  • The direct and indirect contributions of each spouse to the acquisition of marital property, including contributions as a wage earner, homemaker and parent
  • The role either spouse played in accumulating marital debt or the dissipation of marital assets
  • The financial needs and liabilities of each spouse
  • The tax consequences of court decisions regarding property division
  • Any other factors the courts deems applicable for equitable distribution of marital property

Determining What Assets Are Marital Property

An important step in dividing property - one that is often complex and contentious - is determining which assets are marital property and which are separately owned. Tennessee law defines marital property as any property acquired by either party during the marriage no matter whose name is on the title. Property that is brought into a marriage or that is acquired by gift or inheritance is deemed separate property as long as it has not been comingled with marital property.

Once all marital property has been properly identified, it is necessary to accurately value the property. The Waldrop Firm, P.C., has the resources necessary to protect your interests in this regard, including highly regarded forensic accountants, as well as real estate and business valuation specialists.

Assets such as retirement accounts, a 401(k), pensions and professional partnerships can be challenging to decipher and divide. Here again, our experience and our professional partnerships help us protect our clients in this area.

We Work To Put You On Solid Financial Footing

Divorce presents new challenges regarding finances. Often, the parties are transitioning from a two-income household to a single income. It is critical to work with an experienced attorney who will protect your rights regarding the division of marital assets in Tennessee.

We welcome the opportunity to help put you in the best possible position financially as you start your post-divorce life. Call us or use the online contact form to schedule a free consultation with a lawyer who will take the time to answer your questions and recommend the best steps to take. We represent residents of Shelby County and all of southwest Tennessee.