How is Property Divided in a Tennessee Divorce?

If you’re getting a divorce in Tennessee, you and your spouse can settle property division on your own. However, many couples are unable to reach a satisfactory agreement without the help of skilled professionals, including mediators and attorneys. If you can’t decide things together, don’t worry – a Tennessee court can help.

What is Property Division?

Property division, or division of marital assets, is essentially the splitting of property and assets you and your spouse acquired during your marriage. Unfortunately, divorce and asset division are rarely simple and almost always require the intervention of the courts. 

Tennessee is an “equitable division state.” That means marriage property is divided by courts in a “fair and reasonable manner,” which is not always 50/50. As you might imagine, the division of assets is a process that’s ripe for tension and escalating conflict, but a skilled family attorney and mediator can make a world of difference.

Is All Property Divided in Tennessee?

If you’re about to go through with divorce proceedings, property division is probably weighing heavy on your mind. But knowing what to expect can help you feel prepared and equipped to travel the road ahead. Try to remember: There are divorce experts whose sole responsibility is to help reach outcomes that feel fair and sensible to everyone involved.

In Tennessee, only marital property is subject to division. Depending on how long the marriage lasted, there may be substantial amounts of marital property.

Marital assets might include:

  • Stocks and other investment accounts
  • Homes, vacation properties, and cars
  • Businesses
  • Bank accounts and cash
  • Retirement accounts, including 401Ks and pensions

Marital and Nonmarital Property

Understanding the difference between marital and nonmarital property can be difficult, but it’s an essential part of the process. Marital assets belong to both spouses, and nonmarital assets belong to only one. Remember, only marital assets are divided in a divorce. 

Marital assets include assets and debts acquired during the marriage. This could be the marital home, earnings, salaries, retirement contributions, and any businesses, or cars purchased during the marriage. Nonmarital assets include property, debt, and income owned or acquired before the wedding.

Dividing a Business in Tennessee

When large assets must be valued and split, things can get complicated pretty fast. If your divorce involves dividing a business, you’ll want to hire a knowledgeable attorney to help ensure everything goes smoothly. 

Business ownership and division isn’t always as black-and-white as it might seem. Say you owned a business prior to getting married. Open and shut case, right? Not necessarily. Appreciation or increased value during the marriage might be considered marital property, particularly if your spouse contributed to the business in some way.

What Decides Property Division in Tennessee?

Many factors go into determining property division in Tennessee. Your lawyer will help you understand your rights and how assets might be divided between you and your spouse. There are many contributing elements:

  • Each party’s contribution
  • The marriage length
  • Each party’s future income potential
  • Each party’s ability to accumulate assets
  • The value of each party’s separate property

An experienced family lawyer can help you maneuver this difficult season with confidence and clarity. No matter your circumstances, our team is here to help. Call Mandy Hancock Law today to get expert support for your legal separation.

How Can a Property Division Lawyer Help?

A family lawyer can be just the voice of reason and expertise you need to gracefully navigate your divorce. Your attorney will help guide you through every stage of your separation, including asset and property division, no matter how complex. 

Our property division lawyers can help with the following:

  • Help settle disputes about the property in question
  • Work with prenuptial agreements
  • Help you reach a fair agreement
  • Mediate between you and your partner
  • Possibly help avoid escalating the matter to court
  • Offer expert advice and guidance every step of the way
  • Represent you in court if necessary

Contact An Experienced Knoxville Property Division Lawyer Today

As you’re probably learning, divorce can be very complex. Our expert Knoxville divorce attorney can help guide you every step of the way with feeling empowered, equipped, and prepared while protecting your interests and reaching a fair resolution.

Our family law attorneys can help with the following:

Whatever your case’s legal, financial, and emotional circumstances, the dedicated team at Mandy Hancock Law is here to strategize a creative and savvy solution that protects your rights. No matter how complex your assets, property, and interests are, we’re here to support you every step of the way. Contact us today!