The property that the partners to a Tennessee marriage share may be subject to division in the event that the partners decide to end their marriage in divorce. Marital property may be distributed to divorcing parties by agreement or by the ruling of their family law court. Martial property can take on many forms, from real estate and parcels of land to investments, accounts, and other items of personal property.
Tennessee follows the principals of equitable distribution when it comes to dividing up marital property. That means that a court will look at many factors to decide how to fairly assign property to the two parties who have decided to divorce. During the equitable distribution of marital property, it is important that parties remember that their property will be divided fairly, and not necessarily equally.
Valuation is an important part of dividing up marital property, and in some cases the parties to a divorce may agree to the value of an item that is subject to division. If the parties cannot agree on an amount for the value of an item of marital property then their divorce court may make the decision with the help of appraisals or other experts in the field of valuation.
Getting a fair settlement or judgment when it comes to dividing up marital property is important for many individuals who must reestablish themselves after they have completed their divorces. To this end, those who plan to divorce can gain confidence and knowledge about this important process when they choose to work with divorce attorneys who advocate for their clients' property rights and needs.