How Your Assets Are Divided During A Divorce
When you are going through a divorce, you may be scared to lose all of your property and assets to your former spouse. At Law Office of Meghan A. Bodie, we understand the uncertainty of asset division during the divorce process, and help you work out an agreement that allows you to keep the assets that matter most.
Should your case go to trial, family court judges divide assets however they believe to be fair. This process is called equitable division, and how much you receive is dependent on a variety of factors.
Equitable Division In Tennessee
Equitable means the assets are divided fairly, but that does not mean a 50-50 split. In some instances, the judge may find it fair to award all assets to one spouse. While sometimes a 50-50 split is fairest, there are several factors that may influence who gets what in a divorce:
- The income, education, earning potential and financial needs of each spouse
- The duration of the marriage
- How much separate property each spouse owns
- How much each spouse contributed to the acquisition of marital property
One important distinction to make is that this process only occurs for marital assets, which are any assets jointly acquired during the marriage. Any of your separate property is yours to keep.
What Counts As ‘Marital Assets?’
Martial assets are generally any asset obtained during the marriage. However, this excludes assets such as:
- Property owned by either spouse before the marriage
- Personal injury settlements
- Assets that were gifted to either spouse
- Assets outlined in a pre- or postnuptial agreement
Any remaining assets that were acquired by either spouse during the marriage are generally subject to the equitable division process during a divorce.
We Will Walk You Through All Your Assets Together
Without an experienced lawyer, you may be pressured into signing a highly unfavorable divorce agreement where you lose many of your assets. At Law Office of Meghan A. Bodie in Knoxville, we protect your rights to your assets, working tirelessly toward an outcome that is truly fair for you and your family.