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Types of Property That is Divided in A Divorce

Fighting for your rightful settlement during the property division process

The way that your property is divided during your divorce or separation can have an impact on where you live, your financial stability and other important aspects of your life for years to come. It is important to have a clear understanding. The Murfreesboro divorce attorneys at Dotson & Taylor are skilled in all phases of the divorce and separation process. We advocate on your behalf to ensure that you receive your fair share during the property division process.

Marital property

Spouses can agree about how to divide their marital property as part of their divorce or separation settlement. However, if they are not able to reach an agreement, the court can determine how to divide the marital property. In order to do this, all marital property must be identified and valued.

Marital property includes earnings and assets acquired during the marriage. It may include the following:

  • Real property acquired during the marriage up to the date of the final divorce hearing

  • Personal property like furniture, jewelry, personal belongings

  • Financial accounts like checking accounts, saving accounts and retirement accounts

  • Stock option rights, retirement benefits and fringe benefit rights that accrued during the marriage

  • Income from separate property if both parties substantially contributed to the preservation or appreciation of the property

Separate property

The spouses’ separate property is not divided during a divorce action, and each spouse generally is entitled to keep his or her own separate property. Separate property includes the following:

  • Property acquired before the marriage

  • Property that was purchased by funds or another item of separate property

  • Capital gains on property owned by a spouse before marriage except when characterized as marital property

  • Property acquired by gift or inheritance

  • Property acquired after a legal separation

  • Crime victim compensation, medical expense recovery and awards of civil damages for pain and suffering and future lost wages

Although separate property is not divided during a divorce, the court can consider the extent and value of separate property when dividing marital property. If a spouse has a significantly greater amount or value of separate property, he or she may receive less of the martial property in the divorce.

Property division factors

Tennessee is an equitable distribution state, meaning that the court divides marital property equitably but not necessarily equally. When the court determines how to divide the property between the spouses, it considers several factors, including the following:

  • The length of the marriage

  • The age, earning capacity and health of each party

  • The financial needs and responsibilities of each party

  • The relative ease of each spouse to acquire capital assets and income

  • Whether one spouse contributed to the education, training or increased earning capacity of the other spouse

  • Whether one spouse contributed to the appreciation or preservation of marital or separate property

  • Whether a spouse contributed as a homemaker or parent in the relationship

  • The extent and value of separate property

  • The tax consequences and costs associated with disposing of the assets

  • The amount of Social Security benefits available to each spouse

Contact our skilled Middle Tennessee divorce attorneys today

Property division rules can be very complicated, so it is important that you have skilled legal counsel on your side. The Murfreesboro divorce attorneys at Dotson & Taylor serve all of Middle Tennessee and are prepared to assist you with strong advocacy and dedicated representation to ensure your rightful settlement. Contact us online or call us at 615-890-1982 to schedule a confidential consultation.