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How the property division process works during divorce

Property division can be an especially challenging part of any divorce and can grow particularly acrimonious in circumstances of a high asset divorce. In addition, property division can be complex. In Tennessee, equitable property division rules are followed which means that property will be divided fairly but not necessarily in half so it is helpful for divorcing couples to have a good handle on the process and prioritize their property division interests.

One of the goals of the divorce process is that both spouses are in a positive financial position moving forward. To that end, it is useful for them to understand the property division process and also to understand the implications of property division such as the tax implications, for example. There are two broad categories of property involved in the property division process including marital property and separate property that divorcing couples should take into account. Marital property is subject to division.

Marital property generally includes property acquired during marriage. Marital property can include real estate, including a family home; cars; bank accounts; retirement accounts; and businesses, including family businesses. Separate property that was not comingled is generally not subject to division. Separate property includes property acquired prior to marriage; gifts and inheritances and personal injury awards. In some circumstances, it may be necessary to enlist the help of experts to valuate property accurately which can include financial consultants, forensic accountants, real estate professionals and tax experts.

The bottom line is that during the property division process, it is important to ensure the interests of the divorcing spouses are protected. To do that, it is essential to have a clear view of the property division process, the couple's assets and their property division priorities for a healthy financial future following the divorce.

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The Law Office of Robert M. Asbury
5731 Lyons View Pike
Suite 206
Knoxville, TN 37919

Phone: 865-909-7290
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