Divorce Laws in Tennessee - Keeping the Home
Divorce laws vary highly according to the state. Each state is allowed to set its own rules regarding how assets and property are to be divided when a couple decide to end their marriage. The State of Tennessee is considered an equitable property state. This means that the property acquired during the marriage is fairly distributed between the spouses. This does not necessarily mean a 50/50 split.
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Fair Distribution
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When a couple decides to end their marriage, the state courts in Tennessee will first encourage them to come to an agreement among themselves. This agreement will include the distribution of assets and division of debts. If the couple cannot reach an agreement then the courts step in to decide what is a fair distribution of assets. This does not mean an equal split but what the courts view as fair to both parties.
Separate Property
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In Tennessee, the courts recognize both separate property and marital property. Separate property is anything that was acquired before the marriage. The property can be acquired by gift or inheritance or in exchange for other property. If one spouse owns a separate piece of property then the other spouse generally can make no claim to it. Exceptions are made however if the non-title holding spouse contributed to the upkeep, costs and management of the property.
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Marital Property
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When couples cannot reach an agreement regarding their marital property then the courts intervene. The property is first divided without any consideration of marital fault. In deciding what is fair the courts consider several different factors. One of the most important factors is each spouse's contribution the the cost, maintenance, preservation and appreciation of the property. The value of each spouses property at the time of the marriage and at the time of divorce is also considered. The economic situation of each spouse along with the length of the marriage and the age and health of each spouse is also considered.
Keeping the House
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The laws in Tennessee permit the spouses to come up with their own agreement as far as property. If one spouse wants to retain ownership of the house then this is essential. According to Moneycentral.msn.com there are a few options available for couples that can come to a mutual agreement. Co-ownership of the home is still possible even after the divorce is final. The two former spouses can remain on the deed together while the one living in the home will assume responsibility for the mortgage and other upkeep. The co-ownership can include an end date by which either the property will be sold or the spouse wanting sole ownership will buy their former spouse out of their share of the home's value.
Another possible option with co-ownership is to evaluate the situation on a yearly basis to see if the pair still want to co-own the property. These are all viable options for anyone wanting to keep a home after a divorce but the couples do have to come to an agreement.
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References
- Photo Credit small house, big house image by Nino Pavisic from Fotolia.com
