Divorce does not need to be a fight. If you and your spouse can agree on everything, then all a judge needs to do is sign off on it. To reach what you consider a fair agreement, you need to understand a bit about state divorce laws.
One issue that often becomes contentious in a divorce is how to divide the marital property. In Tennessee, the law requires judges to use the rule of equitable distribution. It considers each partner’s input in to the marriage, what marital property exists, what retirement funds or other benefits each person has and their future needs.
When considering what each partner has put in to their marriage, things can become complicated. Many divorce disputes arise over attempts to quantify the value of staying at home and raising the children rather than bringing in an income.
Most things acquired during your marriage are considered marital property. Separate property, which you do not need to divide with your spouse, includes the following:
- Anything you brought into the marriage and capital gains received on it.
- Anything you inherited while married.
- Anything you received as a gift, even if from your spouse.
- Any civil damages received for pain and suffering or medical expenses.
It can be challenging to place an exact price on certain marital assets or agree with your spouse on a value. Sometimes the only way you can work it out is by selling the asset. This often happens with artwork. You might think a painting is worth hundreds of thousands of dollar, but your spouse thinks it is worth millions. However, when you put it up for auction, no one is willing to pay more than $10,000 as it turns out to be a poor fake rather than an original master.
Seek legal help to find out more about dividing your Tennessee property in an uncontested divorce. An experienced attorney can help you work to seek a fair division.