Divorce is a challenging and emotionally taxing process, and it often involves complex legal matters, including the division of assets such as property and homes. If you're going through a divorce in Tennessee, you may be wondering what will happen to your house. In this blog post, we'll explore the key aspects of property division in Tennessee divorces and shed light on what you can expect regarding your house.
Tennessee's Equitable Distribution System
Tennessee follows the equitable distribution system when it comes to dividing marital property during a divorce. Unlike community property states, where assets are typically divided 50/50, in Tennessee, assets are divided in a manner that the court deems fair and equitable. This doesn't necessarily mean a 50/50 split, but rather a division that takes into account various factors.
Identifying Marital and Separate Property
The first step in determining what happens to your house is to identify whether it is marital or separate property. Marital property includes assets acquired during the marriage, while separate property consists of assets acquired before the marriage or through inheritance or gift to one spouse during the marriage. Generally, marital property is subject to division, while separate property remains with the individual spouse.
Factors Considered by the Court
When dividing marital property, the court in Tennessee considers several factors to ensure a fair distribution. Some of the key factors include:
- The length of the marriage
- The contributions of each spouse to the acquisition of the property
- Each spouse's financial situation and earning capacity
- The value of the property, including the house
- Any alimony or spousal support awarded
- The age and health of each spouse
- Any misconduct or fault that may have contributed to the divorce
These factors help the court determine how to fairly divide assets, including the house.
Options for Handling the House
Once the court identifies the house as marital property, there are several options for handling it during divorce proceedings:
Sell the House: One option is to sell the house and split the proceeds. This is a straightforward way to divide the asset, but it may not always be ideal if one spouse wishes to keep the home, especially if there are children involved.
Buyout: If one spouse wants to keep the house, they may buy out the other spouse's share. The buyout amount is typically based on the house's current market value and may involve refinancing the mortgage.
Co-ownership: In some cases, couples may choose to continue owning the house jointly even after divorce. This arrangement is less common but can be a viable option if both parties are amicable and can manage the financial responsibilities associated with the property.
Court Intervention
If spouses cannot agree on how to handle the house, the court may step in and make a decision based on the equitable distribution factors mentioned earlier. In some cases, the court may order the sale of the house and division of the proceeds.
Legal Assistance
Navigating the complexities of property division during divorce can be challenging. It's advisable to seek legal counsel to help you understand your rights and options regarding your house and other assets. An experienced attorney can negotiate on your behalf, ensuring you get a fair outcome in line with Tennessee's equitable distribution laws.
Let the Experts at Rochford Law Help You
What happens to the house in Tennessee upon divorce depends on various factors, including whether it is considered marital or separate property and the circumstances surrounding the divorce. Understanding the state's equitable distribution system and seeking legal advice can help you make informed decisions during this challenging time.
That’s where the experts at Rochford Law come in. We’ll be able to provide you strategic guidance during this time and achieve the best possible outcome.
Contact us today to learn more.
