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Just like marital property, debts that accrue during marriage are divided between spouses when they divorce. The trial court will not divide a debt that was accrued before or after the marriage.
Tennessee is an equitable distribution state, which means all shared assets, those that belonged to both spouses during the marriage, are subject to division. Properties owned by one spouse or the other, such as student loans, family inheritance, or personal gifts, will likely remain that persons property.
Tennessee divorce law is very clear equitable distribution of marital property does not mean equal distribution. Equal division describes awarding 50% to each spouse, also described as a 50/50 split. But it is not unusual for divisions (settlements and trial results) to be close to a 50/50 split.
Tennessee divorce law is very clear equitable distribution of marital property does not mean equal distribution. Equal division describes awarding 50% to each spouse, also described as a 50/50 split. But it is not unusual for divisions (settlements and trial results) to be close to a 50/50 split.
Under Tennessee law, only marital property is subject to equitable division upon divorce. Specifically, marital property is defined as any assets or property acquired by either you or your spouse while you are married.
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Tennessee is not a community property state, like California or New York. Tennessee is an equitable division state. In non-community property states property may be divided by equitable distribution.
Under Tennessee law, the property that you owned before the marriage or property outlined in a prenuptial agreement is solely owned by you and generally will not be divided in a divorce. Marital property, on the other hand, is anything that you and your spouse acquired during your marriage.
In Tennessee, anything acquired during marriage by either partner, is considered marital property. This refers to more than just your paycheck, but also includes real property, businesses, investments, credit cards, loansessentially any kind of increase or decrease to your family unit.
In Tennessee, anything acquired during marriage by either partner, is considered marital property. This refers to more than just your paycheck, but also includes real property, businesses, investments, credit cards, loansessentially any kind of increase or decrease to your family unit.
Tennessee divorce law is very clear equitable distribution of marital property does not mean equal distribution. Equal division describes awarding 50% to each spouse, also described as a 50/50 split. But it is not unusual for divisions (settlements and trial results) to be close to a 50/50 split.