Navigating the end of a marriage is an emotional journey, but it is also a significant financial transition. One of the most common questions we hear at Rogers, Shea & Spanos is: “Who gets what?” When you are looking at a lifetime of shared assets, such as a home in highly appreciating Nashville market, retirement accounts, vehicles, your business, and even credit card debt, the prospect of dividing it all can feel overwhelming. In Tennessee, the process is governed by a principle known as “equitable distribution.” Understanding how this works is the first step toward securing your financial future.
To begin the process, we must distinguish between what is “marital property” and what is “separate property.” Generally speaking, marital property includes almost everything you or your spouse acquired during the marriage. This applies regardless of whose name is on the title or deed. If you bought a house after the wedding, it is likely marital property. If you contributed to a 401k during the years you were married, that portion of the account is marital. Separate property, on the other hand, typically includes assets owned before the marriage, or gifts and inheritances received by one spouse individually during the marriage. However, these lines can blur if separate assets were mixed with marital funds, through processes known as commingling or transmutation. We work closely with our clients to trace these assets and protect what is rightfully theirs.
Once we have identified the marital estate, the court, or the parties through negotiation, must divide it equitably. It is important to note that “equitable” does not always mean “equal.” While a 50/50 split is often the starting point for discussions, Tennessee law requires a division that is fair based on several factors. These factors include the length of the marriage, the age and health of each spouse, and the earning capacity of each person. The court also considers the contributions each spouse made to the marriage, including the contributions of a homemaker or a parent who stayed home to raise children. We believe that your contributions to the family, whether financial or otherwise, deserve to be recognized and valued during this process.
Debt is the other side of the coin. Just like assets, debts acquired during the marriage are typically considered marital. This includes mortgages, car loans, and credit card balances. Even if a credit card is only in your spouse’s name, if the debt was incurred for the benefit of the family, you might be held partially responsible for it in the divorce settlement. We take a comprehensive look at your financial picture to ensure that you are not unfairly burdened with liabilities that should be shared or assigned to the other party.
Our role at Rogers, Shea & Spanos is to provide the steady hand and legal expertise you need during this complex time. We understand that the division of property is about more than just numbers; it is about your ability to start your next chapter on solid ground. We advocate for your interests in negotiations and, if necessary, in the courtroom. We often collaborate with financial experts and appraisers to ensure that every asset is accurately valued. By choosing our firm, you gain a team that is dedicated to achieving a fair outcome that respects your past and protects your future.