White and White Attorneys at Law
White & White Attorney

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What is the process for marital property division?

Property division is one of the most complex parts of any divorce. You must take all your assets and decide how to divide them between the two of you in order to completely separate your lives.

In Tennessee, you have a couple of options for property division, according to FindLaw.

Settlement

Your first option is to settle. You and your spouse will create an agreement that divides all your marital assets. You will also need to determine marital and separate property. Separate property is anything either of you owned prior to your marriage, civil damages from court cases, gifts and inheritances. You will not divide the separate property.

If you can agree on everything, then the court may accept your settlement agreement. However, for you to submit a settlement and have the approval of the court under the law, you cannot have children and cannot have a current pregnancy.

Court trial

If you cannot agree, the judge will decide. You will have to go before the judge in a trial.

The judge will use the concept of equitable distribution to determine how to divide your marital property. Equitable distribution focuses on fairness. The judge will consider each of your financial needs and situations. It will consider things such as your contributions during the marriage and how long your marriage lasted, as well. The decisions the judge makes are final and binding.

Options

Your best option, if possible, is to reach agreements on property division. This will allow you to ensure you get the property you want, and it does not leave you at the mercy of the court.