Factors the Court Considers When Dividing Marital Property

Is your marriage coming to an end? Before you and your spouse can part ways, certain issues must be addressed, including custody, alimony and the division of marital property. If you and your spouse are able to cooperate during your divorce, you can divide your assets however you see fit. However, if you are unable to agree on who should get what, then you need the court’s assistance. In Tennessee, it is important to understand that equitable distribution is fair, but not necessarily equal.

Following are some of the factors the court looks at when dividing marital property in the state of Tennessee:

• How long your marriage lasted
• The age, physical and mental health of the parties
• The vocational skills, employability, earning capacity, estate, financial liabilities and financial needs of each party
• The tangible or intangible contribution of either spouse to the education, training or increased earning power of the other
• The tax consequences for each spouse
• The amount of Social Security benefits available to each spouse

These are only a few of the factors the court weighs during the equitable distribution process. The court is also concerned with the financial circumstances of both parties at the time the division of assets is to become effective. Whether you are experiencing a contested or uncontested divorce, you can benefit greatly from the services of a knowledgeable family law attorney who can review your case and help you and your spouse move on with your lives as quickly as possible.