If you are considering going through a divorce in the state of Tennessee, it is important that you take the time to understand how this could affect your finances. The division of assets during a divorce is a significant financial event for anyone going through a divorce, and it should not be underestimated.
If you are concerned about the process of dividing assets in a divorce, your attorney can help you understand what you need to know. The following are some of the most frequently asked questions about asset division in Tennessee.
What legal theory does the state of Tennessee follow in regard to the division of assets
In the state of Tennessee, the legal theory of community property is not followed. This means that marital assets are not automatically divided equally. Instead, divorcing spouses can file for a Marital Dissolution Agreement or have a judge decide on the fairest solution. This process is known as the process of equitable distribution.
What factors do Tennessee courts take into account when dividing assets?
Tennessee courts look into many different details surrounding the divorce. For example, they will evaluate all nonmarital assets, as well as consider the contributions, tangible or nontangible, that each spouse made in the marriage.
Will my inheritance be considered marital property?
Any property acquired as a gift or through inheritance is not considered marital property and is, therefore, not subject to division.
If you are going through a divorce in Tennessee, it is vital that you understand how to get a fair deal during the asset division process. This is why an attorney’s advice is so helpful.