For a couple who makes the tough choice to end their marriage in Tennessee, the thought of splitting up their assets can be challenging. While choosing what assets to give up is a hard thing to do, spouses should also pay close attention to the fact that they must split up their debts as well. In some cases, how debts are assigned may factor into what assets are kept by either spouse or even sold.
If you are getting divorced in Tennessee, it is not uncommon to learn that your spouse wants to keep your house instead of selling it. This happens quite often, especially when a couple has children who still live at home. The emotional desire to maintain any sense of stability and familiarity for kids is understandable. However, you should be careful to not allow this emotional tug to put you in a bad financial situation.
As you prepare to tackle property division as part of your divorce proceedings in Nashville, understand that you will almost certainly be surprised to discover just how many assets are subject to being split between you and your soon-to-be ex-spouse. The most common asset that those that we here at Rogers, Kamm & Shea Attorneys at Law have worked with in past claim to be the surprised at learning of its status as a marital asset is their 401ks. Your 401k exits solely because of your career. Why, then, should your ex-spouse be able to benefit from it?
The common school of thought regarding property division in Nashville is that all marital property will be distributed equally amongst both sides in a divorce case. Most assume this to be ture because it is required by law. While there may indeed be many cases that see a divorcing couple evenly share their assets, there is actually nothing in the state's statutes stating that marital assets must be shared equally. Tennessee follows the equitable distribution model when dealing with property division cases. While "equitable" and "equal" certainly sound similar, many are surprised to learn that they are not the same thing.