How are assets divided in a divorce?

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How are assets divided in a divorce?

I need to know when my wife and I get divorced how do we go about dividing our assets, and is she able to just kick me out of my house? I am disabled and I purchased our house out of my disability money.

Asked on August 21, 2011 Tennessee

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

First of all, as to the  house. When did you purchase it? If it was before you got married, then it is your separate property. That is unless you used joint marital assets to maintain and/or improve it in which case your spouse is entitled to some offset or reimbursement; or you put your wife's name was placed on the title (deed) then it has been transformed into a marital asset.

If you purchased the home after your marriage, then it is probably going to be considered a joint asset since disability funds are given in lieu of a person being able to earn their own income, and if you used the income that you earned during marriage to purchase it those monies would be deemed to be a marital asset.

The same would hold true for any other assets acquired during your marriage. However, exactly just who would get what is a matter for you and your spouse to work out or a judge if the two of you can't. TN is an equitable distribution state, therfore marital property is split equitably (i.e. fairly) not evenly. Accordingly, a judge will consider various factors in just who gets what. At this point you should contact a divorce attorney and consult with them directly as to your situation. 


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