The asset division process is one of the most contentious parts of a divorce. How marital assets are divided can have a huge impact on the quality of life you are able to enjoy in the months and years after the divorce. This is why it is important that you are prepared to stand up for the assets that you deserve.
State laws have a huge impact on asset division during divorce. Before filing for divorce in Tennessee, you should make sure that you have a clear understanding of the law so that you know what the likely financial outcome will be for you. You may also want to start planning for an eventuality where you and your spouse cannot agree on asset division.
What is the law in Tennessee regarding asset division?
Tennessee, like many other states, does not follow the concept of community property. This means that assets are divided in an equitable way by a judge unless an agreement can be made between spouses.
How does the judge decide what is equitable?
The judge will take into account many different factors when deciding what is an equitable division of assets. They will evaluate the financial and nonfinancial contributions that each spouse made during the marriage. They will also take into account each spouse’s earning potential in the future.
If you want to make sure that you will get a fair divorce settlement, it is important that you start building your argument now. Being prepared and understanding Tennessee law in full will help you have a strong advantage if a conflict arises.