If you are planning to file for divorce, you may wonder how the court will divide the assets that you and your spouse own. Division of property is dictated by state law, which is why you should hire a divorce attorney who is familiar with the process where you reside. If you are a Tennessee resident, here is a brief overview of what you should know before meeting with a counselor.

How Do Tennessee Courts Divide Property?

Tennessee is an equitable distribution state, which means the court strives to divide marital assets and debts fairly. This is different from states that follow community property rules, where belongings are divided in half. Marital property is tangible and intangible assets obtained by either or both spouses during the marriage, such as houses, cars, intellectual property, money in joint bank accounts, and stakes in business ventures. The items you and your spouse list as marital property are classified and valued before the court divides them.

To determine the division of property, a Tennessee judge takes into account how long the marriage lasted, each spouse's income, their future earning potential, their age and health, and the value of their separate property. Whether one spouse gave up a career or other opportunities to support their partner also matters. How property division impacts taxes, whether alimony was awarded to either spouse, and the terms of a prenuptial agreement are considerations, too.

How Do Courts Distinguish Between Marital & Separate Assets?

The items you list as separate property are yours to keep after the marriage. This includes any real or personal property you solely own and any assets acquired before the union and after the separation. For example, if you bought a house before the marriage, you can list it as separate property and also have rights to the income from the property's appreciation. However, it would be considered marital property if you and your spouse both lived in the house.

Gifts you received, from your spouse or other individuals, are also considered separate property. If you have money from a trust fund or inheritance, it remains separate property unless you put it in a joint bank account. If you have retirement accounts, only the money that they accrued during the marriage is not considered separate. You must submit receipts, tax records, and other documents to the court to prove ownership of these funds.

When you need help navigating the Tennessee divorce process, contact Kevin R. Bryant Attorney at Law in Crossville, TN. With over 16 years of experience, this divorce attorney will help categorize your assets, create a child custody agreement, and provide additional guidance to make the process as stress-free as possible. Visit this divorce attorney online to learn more about his practice areas, and call (931) 787-1004 to schedule a consultation.