When facing divorce, concerns about the division of marital property between you and your spouse are perfectly normal. After all, the assets you walk away with can significantly impact your post-divorce life.
Unfortunately, well-meaning friends and family might share inaccurate stories about property division. It is crucial to separate misconception from fact to navigate this complex process effectively.
Myth 1: You are guaranteed a 50/50 split (Think again!)
Tennessee uses the equitable distribution standard when dividing marital property, but that does not guarantee an equal split. Courts consider various factors like income, marriage length and each spouse’s financial needs.
For example, if one of you sacrificed a career to raise the children, the final settlement might reflect these contributions.
Myth 2: Debts stay out of the equation (Wrong!)
Property division is not only about assets – it also encompasses marital debts. When the court distributes property, it will determine how to divide your shared debts, as well.
Before entering this stage, get a clear picture of all outstanding debts, including loans, mortgages and credit card balances.
Myth 3: Cheating means more property (Not always!)
It is unwise to assume your spouse’s infidelity will yield a lion’s share of marital property. While adultery is a valid divorce ground in Tennessee, it will likely have little impact on property division.
However, if you can prove your spouse recklessly spent marital assets on an affair, this might influence the distribution.
Look past misconceptions (Protect your rights!)
Equitable distribution divorces can be daunting, but accurate knowledge can help you safeguard your property rights. With legal guidance and clarity about your economic situation, you are well-equipped to emerge from divorce with a fair and balanced marital property settlement.