Divorce is a complex issue. For many, going through a divorce is the most complex legal issue they’ll ever face. Unfortunately, a lot is at stake in any divorce, including how property will be distributed between spouses (if a prenuptial or postnuptial agreement is not in place). For many couples, their most significant and sentimental asset is their home, and, in many cases, this is the hardest fought-over asset in their divorce. If you’re currently going through a divorce and you want to keep your house, you must read on and reach out to an experienced Memphis, Tennessee property division lawyer from Rice Law to learn more about how courts determine who gets to keep the house and how our legal team can help.
Who will get to keep the house after a divorce in Tennessee?
The first thing you should understand is that when courts determine property division terms in Tennessee, they will first break property down into two categories: marital property and separate property. Marital property includes all property acquired during the course of a marriage, while separate property includes property acquired separate from, or prior to marriage, such as gifts from friends, inheritances, and more. Typically, marital property is subject to equitable distribution, while separate property is not.
In most cases, the marital home is considered marital property. This means that courts will have to decide who will get to keep the house if both parties cannot agree on what to do with the house (sell it and split the profits, give the house to one party in exchange for something else, etc.). Courts will consider various factors when determining who gets to keep the home, including the following:
- The cost of the home
- The extent to which each party contributed to the home (financially and non-financially)
- Each party’s income
- The cost of maintaining the home
- The child custody agreement in place, and whether it would act against the child’s best interests for them to leave the home
- Any other factor the court deems relevant
Ultimately, the court will decide who gets to keep the house, but having a trusted legal team in your corner who can advocate for your best interests can make a world of difference. If you have any further questions about how property distribution works in Tennessee or you need a legal team to represent you, please don’t hesitate to speak with an experienced Shelby County, Tennessee divorce lawyer from our firm to learn more about how we can help.
CONTACT OUR EXPERIENCED TENNESSEE FIRM
If you require strong legal representation for matters of divorce and family law in Memphis or anywhere in Tennessee, contact Rice Law to schedule a consultation with one of our experienced attorneys today.