Seeking a divorce can be daunting for many reasons. One of the most daunting aspects faced by partners in a divorce trial is how everything will be divided. Property is not the only thing that can be divided, but children can be assigned custody to a certain parent with schedules and visitation hours. Different legal factors go into deciding how property will be divided. Be sure to talk with a Tennessee family law lawyer about this process if you have concerns.
What is Divided During a Divorce Trial?
Property, debts, and money are divided during a . In some sense, children can be divided from a certain parent if sole child custody arrangements are ordered. Money, or the future income of each spouse, can be divided with court orders for alimony and child support. Various properties, like your house or favorite TV, are also divided along with assets and debts.
The two main types of property that will be examined in court are marital property and separate property. Only marital property is considered admissible for a division of property order. Separate property is anything owned
before the marriage or offered as a gift or form of inheritance. This type of property is not divided and remains in control of the owner.
Marital property includes property obtained by one or both partners during the marriage, income from the property during the marriage like an increase in property value, and pension benefits during the marriage. Other marital property can involve money awarded for damages lost during the marriage. These damages may involve medical bills, lost wages, and property damage.
How is Property Divided During a Divorce?
During a divorce trial, property division will happen by figuring out which property assets are marital and which are separate. Courts will consider various factors of the marriage, current income, and property value for each partner. This is done to ensure a fair outcome is reached.
The duration of the marriage will be considered along with what the estate of each spouse was during the marriage. Economic aspects like current and past income will be assessed. Social security benefits, tax consequences, and the contribution of each partner to marital property will also be considered.
Spousal health, mental status, job skills, and financial needs will be looked at to make sure no one becomes significantly disadvantaged as a result of the court order. Spouses with sole physical custody may be awarded differently depending on the circumstances.