Dividing Assets in Tennessee Divorce

Dividing assets in a divorce can be a challenge and may require mediation or a judge to decide. But sometimes both parties are able to come to an agreement. With so many other complicated issues that can arise, consult with divorce lawyers in Memphis.

Distributing Assets in a Divorce

According to state law that covers dividing assets in a divorce, Tennessee is an equitable distribution state. This means that any property acquired during the marriage belongs to both spouses, even if just one individual’s name is on the title.

It is not considered marital property if it was acquired before the marriage or after a legal separation, though. This could include anything from a house to settlements from a lawsuit.

But it’s not just a matter of dividing assets in a divorce; your marital debts will also be distributed between you and your ex. So it is usually best to try to work this out without getting the courts involved so you and your ex-spouse can work out an agreement that works for you both.

This is especially true since equitable distribution is based on what’s fair, not necessarily splitting it all down the middle. So you could end up with a smaller percentage of assets. This is yet another reason to secure help from divorce lawyers in Memphis.

One of the biggest concerns when it comes to dividing assets in a divorce is who will get the house. In most cases it will go to the individual who primarily takes care of the children or spends the most time with them. If there aren’t children involved and the house was acquired by one spouse before the marriage, he or she would have the legal right to ask the other to leave. If it was acquired during marriage and there are no children involved, then it becomes more difficult.

Ideally you would come to an agreement on who will stay and who will go. But it may come down to the court making a decision.

Giving Away Assets in a Divorce

Dividing assets in a divorce is just one issue you may have to deal with. Another one is giving away your assets. For instance, if you want to leave property to someone in a will, what are your rights?

Tennessee is a equitable distribution law state. If your name is solely on a title or deed, you have the right to leave that property to whoever you wish. If both of your names are on it, this can become a bit more complicated. Certain types of ownership will automatically give your spouse the right to it.

Property that doesn’t have a title is generally considered yours if given as a gift or if you purchased it. With so many complexities that can be involved, seek advice from an attorney for more specific guidance pertaining to your case. Talking with divorce lawyers in Memphis can help you better understand how you can protect your assets. This may involve drawing up a new will to remove your spouse as a beneficiary.

For more information, see Tennessee Property Division Divorce Laws & Factors | Answers to FAQs.

Seeking Help from Divorce Lawyers in Memphis

When it comes to dividing property, it can either be a fairly smooth and easy process or it can become complicated and difficult. With the potential for either to happen, it would be in your best interest to have someone on your side.

Contact a divorce lawyer in Memphis who handles divorce cases at the Miles Mason Family Law Group to learn about your rights and the options that may be available. In addition, order our FREE eBook, which can help answer some of the questions you may have right now. Our law firm can be reached at 901-683-1850 to set up a consultation to discuss dividing assets in divorce.