Can You Divorce Without Splitting Assets in Tennessee?
Divorce is always a messy process unless you are one of those lucky couples that go down the amicable route. The vast majority of couples cannot end things on good terms, which is why the dissolution process can be distressing and emotionally draining. And property division is often at the crux of all messy and contentious divorces. This may get you thinking, “Can’t I divorce without dividing assets?”
Well, that’s not that simple as the only right answer to this question is, “It depends.” The reason you’re asking this question is probably because either you are concerned about losing your property or you just want to avoid a high-conflict situation (or both).
The reality is that anything you and your spouse acquired and owned during the marriage must be split. But that doesn’t necessarily mean that you will have to go through a drawn-out and costly court battle. As a divorce attorney at Law Offices of Fisher Wise, I can help you navigate Tennessee’s property division laws and explain whether it’s possible to end your marriage without splitting assets.
Property Division Laws in Tennessee
Tennessee law follows an equitable distribution model for property division. Under the law, all marital property must be divided equitably between the spouses. However, not all property you and your spouse have is “marital.” You need to understand the difference between marital and separate property:
Marital property is any assets or money either spouse acquired/earned during the marriage; and
Separate property is any assets or money either spouse acquired/earned before the marriage.
Any gifts or inheritances received by one spouse are considered their separate property, when they receive them during the marriage. However, since almost no one gets married with the expectation that their marriage will end, it’s common for separate property to be commingled with marital property. That’s when property owned before the marriage or received as inheritance or gift during the marriage may lose its status of “separate” and be subject to division in a divorce.
How Do Tennessee Courts Divide Assets in Divorce?
Since Tennessee is an equitable distribution state, understanding how your marital property will be divided can be confusing. That’s because “equitable” does not mean “equal” nor does it mean that each spouse is entitled to half of every piece of marital property.
Once marital property is identified, it will be divided in an equitable manner according to the factors listed in Tennessee Code Annotated § 36-4-121(c) to ensure the division is fair. Some of these factors include:
How long the spouses were married
The age of each spouse
The physical health and earning capacity of each spouse
The financial needs of each spouse
Each spouse’s contributions to the acquisition of assets during the marriage
Each spouse’s contributions to the family
Depending on the factors, the court may award more assets to one spouse, though sometimes a 50/50 split is deemed fairest. When you have the court decide who should own what, the lack of control over the outcome can feel frustrating and distressing. That is why it’s understandable why you’d like a divorce in which you don’t need to split assets. But is that even possible?
So, Is It Possible to Divorce Without Splitting Assets?
If the fear of the unknown is way too much for you and you’d rather avoid the division of assets, you need to understand whether or not this scenario is possible in your divorce. While every divorce case is different, sometimes it’s possible to end your marriage without going through the nerve-wracking property division process. Let’s review such scenarios:
All your property is separate: If neither you nor your spouse acquired any assets during the marriage and all your property was owned before the marriage and/or your assets are gifts or inheritance, chances are you won’t need to split anything.
You can pay your spouse for their share: If you don’t want to split any assets and would rather prefer to buy out your spouse’s share, you can do it as long as your spouse agrees.
You can make a settlement agreement: Splitting assets doesn’t have to be painful and messy. Sometimes, it’s possible for spouses to create their own settlement agreement and agree to division on their own terms so that they don’t have to take this matter to court.
If none of these options appeal to you, you might want to schedule a consultation with a divorce attorney and get personalized guidance. At Law Offices of Fisher Wise, I help clients resolve property division and other issues without the need for protracted and expensive litigation.
Need Help Splitting Your Assets? Let’s Talk
Property division is one of the most contentious issues in divorce for a reason. No one wants to lose the assets they worked hard to acquire. If the mere thought of splitting your assets gives you anxiety and stress, know that you might have options to make the division easy for everyone involved or, in some cases, avoid the process altogether. At the Law Offices of Fisher Wise, I help clients with their divorce matters in Chattanooga, Tennessee, and throughout Marion County, Sequatchie County, Rhea County, and surrounding areas. Schedule a consultation today to talk about your situation.