How Are Marital Assets Split in Tennessee?

As the name suggests, marital assets are those you and your spouse have obtained and shared during your marriage. Especially if you and your divorcing spouse consider yourselves to be high-net-worth individuals, the distribution of your marital assets may be hotly contested in your proceedings. Read on to discover how marital assets are split in a divorce and how one of the seasoned Clarksville property division lawyers at Fendley and Etson can help you fight to keep certain ones.

How are marital assets split in a Tennessee divorce?

First things first, the state of Tennessee is one of the few that still recognizes the equitable distribution system. With this, the family court will rule on a fair and just way to distribute marital assets between you and your spouse. Of note, a fair, just split almost never means an equal, 50/50 split.

Evidently, community property and common law states handle property division differently. For one, community property states (i.e., Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) determine all property accumulated during the marriage as equal amongst the two spouses. Thereby, the property may be split evenly in the event of a divorce.

Then, the other 41 common law states determine that the property acquired by one spouse belongs solely to them unless the title specifically has both spouses’ names on it. Thereby, more property may be deemed separate.

How can I argue to keep certain marital assets in my divorce proceedings?

You may believe that you financially contributed to a certain marital asset more than your spouse did throughout your marriage. Or, you may hold a sentimental value toward a certain marital asset you cannot bear to part ways with. Whatever your specific reasonings may be, you may want to fight to keep a certain marital asset within your possession in the aftermath of your divorce proceedings.

Unfortunately, it may not be able to use the fault grounds for your divorce to argue for certain marital assets. For example, say that you cited your spouse’s extramarital affairs as the fault grounds for your divorce filing. Well, you may not be able to argue that you are more entitled to your family home because your spouse cheated.

However, the Tennessee family court may recognize and evaluate your argument of economic fault. That is, if relevant, you may claim that your spouse intentionally wasted marital assets throughout your marriage. By using the same example as above, you may provide evidence of your spouse dissipating your marital assets to support their extramarital affairs.

In conclusion, if you are unsure of your next move, resort to one of the competent Clarksville family lawyers. Someone at Fendley and Etson will know what legal option works in your best interest. So call our firm today.