Equitable Doesn't Always Mean Equal
Tennessee is an equitable distribution state. This means that marital assets are to be divided equitably after divorce. Equitable means fair — which isn't always equal. However, in the real world, divorcing couples usually agree to a 50-50 division of marital assets and debts. The biggest disagreements usually arise over what is marital property and what isn't.
At the Law Offices of Howard, Kendrick & Reynolds in Murfreesboro, Tennessee, we will accurately account for all assets and help you receive your fair division of the marital estate.
What Is Marital Property?
In Tennessee, marital property includes all property acquired during the marriage. It is presumed to be marital property, unless you can prove that you owned the asset before your marriage or received it as a gift or through inheritance during your marriage.
Marital assets subject to division include:
- Your home, including all furnishings such as antiques
- Rental property
- Stock and savings accounts
- 401(k) accounts
- Pension plans, whether vested or non vested, are divided using a qualified domestic relations order (QDRO)
- Businesses and business interests
- Executive compensation such as stock options and deferred compensation
- Cars
- Household pets
- Tennessee Titan football tickets
Debts such as credit cards, car loans and home mortgages are also subject to division.
Assets owned before your marriage (or received as a gift or inheritance after your marriage) are separate property and are not subject to division. However, if you commingle a separate asset with marital property, it becomes a marital asset. For example, if you deposit your inheritance in a joint banking account, it is now a marital asset and is subject to division.
Free Attorney Consultation
For more information about division of marital assets or to schedule a free initial consultation with a lawyer at the Law Offices of Howard, Kendrick & Reynolds, call us at 615-217-3560 or fill out the contact form on this Web site.
