Franklin Property Division Attorney
In a divorce, there are many elements to negotiate and settle on. One major one is the issue of property division. This can be an issue of contention for many couples, especially in high-asset divorces. When there are a lot of assets involved, there can be disagreement about how they are to be split. If you have questions or concerns about how property will be split, contact our Franklin property division attorneys.
Only marital property is split in a divorce. Marital property refers to assets that were acquired during the marriage. This may include houses, vehicles, boats, furniture, collections, bank accounts, retirement accounts, and other sources of property. Anything that is acquired before or after the marriage is not subject to split.
Tennessee is an equitable distribution state. This means that, unlike community property states, property is not necessarily divided equally. It is split based on various factors. It may not necessarily be split 50/50. It could also be split 60/40, 70/30, or some other percentage based on the factors below. Also, keep in mind that not each asset is split. It is not uncommon for someone to receive an entire asset without any division.
What Factors Go Into Property Division?
Property division in Tennessee is determined by the following factors:
- How long the marriage lasted
- Age and health of both parties
- Skills and earning capacity of both parties
- Estate of each party
- Contributions to the other spouse’s education
- Tax consequences by each party
- Social Security benefits available to each spouse
- Any other contributions to the marriage
The courts may also look at other factors to determine who gets what in the divorce.
Is Separate Property Split in a Divorce?
A person’s separate property that they acquired before marriage, as well as any gifts or inheritances, are not split in a divorce. While non-marital assets are not split, they are considered when determining how to split property. For example, if one person has much more separate property than the other, then it is likely that the other spouse may be awarded a greater percentage of marital property.
Also, there are situations in which separate property can become marital property, making it subject to split in a divorce. The most common way is through commingling, which happens when separate property is combined with marital property. There is also transmutation, which is when separate property is treated in a way that there is intention for it to become marital. These issues do not arise in every divorce, though, so if you have concerns, discuss them with your lawyer.
Contact Us Today
Asset distribution in a Tennessee divorce is not always clear cut. In a contentious divorce, you may need to pick and choose battles. What assets do you really want?
The law firm of Beal, Nations & Crutcher can help you protect your assets and get the outcome you desire. Schedule a consultation by calling (615) 861-2304.