The division of assets can be one of the most contentious issues divorcing couples have to deal with. When the couple has a vacation home in another state or perhaps even in another country, things can get complicated when it comes to deciding who takes what. When coming to a fair compromise is out of the question, it is often left to the courts to decide who gets what.

How do assets get divided in divorce in Tennessee?

Tennessee is an equitable distribution state, which means that property will be divided as fairly as possible between the two parties – which is not necessarily an even 50/50 split. Property division is decided on a case-by-case basis; however, judges consider a host of factors when it comes to dividing the assets and debts in a divorce.

Each party submits an inventory of all of their assets and debt to their divorce attorney and they attempt to work out an agreeable settlement between them.

So, who gets to keep the vacation house?

It depends. If one of the spouses received it in an inheritance before the marriage and the other spouse’s name was not put on the deed, the inheritor will probably get to keep it as separate property unless the other spouse can prove that he/she substantially contributed to the preservation and appreciation of that asset. If the couple purchased the property together and paid for it out of their collective salaries, the house is considered marital property and the court decides how it gets distributed. The vacation home may go to one of the spouses as part of the distribution, or a judge may order to couple to sell the home and split the proceeds from the sale.

Whether you own a cabin in the Smoky Mountains or a chalet in the Swiss Alps, the property will be divided just like any other asset in the divorce settlement.

As you can see, making sure that the assets are divided fairly and equitably is not a simple task. Divorce attorneys that work with high asset clients may hire real estate experts, tax experts and forensic accountants to help bring clarity to complex divorce cases. When there are vacation homes in other countries, retirement benefits, executive compensation packages, business assets, investment accounts, art and jewelry collections, these specialists will help your divorce attorney develop a fair settlement agreement or prepare your case for trial if you do not reach an agreement with your spouse.

Divorce can be a complicated matter but it does not have to messy when you have a lawyer on your side who has more than 18 years of experience helping people resolve their family law matters in Tennessee. At Miller Upshaw Family Law, PLLC we are happy to answer your questions and ease your mind.