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Tennessee property division laws mandate full and fair disclosure of all marital property in a divorce, annulment, and legal separation cases. All Tennessee divorces end with equitable distribution, but they all begin with identifying and classifying assets as either marital or separate property and the value of each.
Marital Property:Any property and/or debts aquired by the parties during the marriage.
Separate Property:Property aquired by either spouse prior to the marriage.
Unlike child support and alimony, which can be re-evaluated over time as circumstances change, asset division is not generally subject to further review by the court. This is why it is so critical to make sure your settlement agreement is done exactly the way you intended before your case in finalized.
Asset Division is all about defining what exactly is and isn't marital property. We need to make sure you get out what you put in.