Divorcing spouses in Tennessee divide their assets equitably, and the court considers a variety of factors in order to make a fair division of the assets. The value of the marital estate isn’t necessarily divided in half. Instead, the court looks at the totality of the circumstances in order to determine what’s appropriate for dividing the marital estate.
Of course, in order to fairly divide the marital estate, you need to know what’s included as part of the estate. Not all assets belonging to either party are necessarily a part of the estate. For example, if one party has a property that they bring into the marriage that is not sustained with marital assets, that property may be exempt from division.
Other types of marital assets may be surprising. For example, if one spouse supports the other while they earn a degree, the value of the degree may be part of the marital estate. In addition, a 401k or even a pension can be subject to property division during divorce. In order for a spouse to get what they deserve in a final judgment, it’s important to look at all of the circumstances present in the case. Care must be taken to identify all of the assets that should be included in the proceedings. Once a divorce judgment is final, it’s not possible for the parties to reopen the proceedings in order to address missed assets.
Each party is tasked with identifying marital assets. A divorce attorney may assist a client with the process of finding and valuing assets. With careful planning and preparation, a party may be able to receive a favorable resolution to their case.