Divorces are known to be stressful. However, they become even more stressful when it comes to the division of marital property. In a divorce, the division of marital property either falls under community property or equitable distribution. Essentially, this means a couples marital property is either split equitably (50/50) or fairly (whatever the court deem is appropriate after evaluating both parties assets). The way the court handles the division of marital property in a divorce ultimately depends on whether they are a community property or equitable distribution state. If you want to ensure you are getting a fair portion of your marital property in a divorce, please don’t hesitate to contact an experienced Memphis, Tennessee Property Division Lawyer A member of our committed team can assist you in obtaining a fair division of marital assets.
What is the difference between community property and equitable distribution states?
The way marital assets are divided in a divorce ultimately depends on whether the state falls under community property or equitable distribution. Marital property is divided equally between both parties under community property as any assets acquired during the marriage are considered “community property.” Under equitable distribution, marital property is divided fairly not necessarily equally between both parties. Although under equitable distribution marital property is split fairly, the court may find it appropriate and fair to split marital assets 50/50 if they find that to be what is fair. However, every couple has unique circumstances that could affect their portion of marital property in a divorce. Essentially, in equitable distribution, the court is responsible for assessing all relevant and pertinent factors of the divorce to determine a fair and reasonable split of the couple’s marital property. Ultimately, the main difference between community property states and equitable distribution states is that one divides marital property equitably, while the other divides it fairly between both parties.
Tennessee is an equitable distribution state. Essentially, this means that once the court has established what tangible or intangible assets are marital or separate property, the court will consider all pertinent factors to determine a fair split of marital property. Any assets that were acquired before or after the marriage took place are considered separate property. Separate property may include gifts or inheritances. Separate property is not divided in a divorce since it was accumulated outside the marriage. However, gifts or inheritances that are included in a prenuptial or postnuptial agreement may be up for division in a divorce if dictated in one of these legal agreements.
Unfortunately, marriages don’t always work out. If divorce is imminent it is imperative to acquire the right legal representation. One of our qualified and determined team members can help ensure you receive a fair portion of your marital property in a divorce. Allow our dedicated lawyers to help you today.