Who Gets the House in a Divorce in Tennessee?

Who Gets the House in a Divorce inTennessee?

Are you preparing for a divorce? If you and your spouse share a home, dealing with it can be one of the most challenging issues that you will need to resolve. In Tennessee, a residential home is subject to equitable distribution as long as it is considered to be marital property. Within this article, our Franklin divorce attorney provides a comprehensive overview of the key considerations when determining who gets the house in a divorce in Tennessee.

Know the Law in Tennessee: Equitable Distribution of Property

Under Tennessee law (Tennessee Code §36-4-121), a couple’s marital property is subject to equitable distribution.Residential property (the home) is no exception. If it is marital property, it will be divided equitably between the spouses in a divorce. To be clear,Tennessee law does not require an equal split of the property (or the home).Instead, it requires a “fair” division of marital assets based on a wide range of case specific factors.

Note: In some cases, a house may be separate property. The most common example is if someone had a house pre-marriage and they protected it with a prenuptial agreement. In that scenario, the house will likely be deemed separate property. It will remain with the original owner.

Dividing a House in a Divorce Can Be Especially Challenging

Even if you have a strong understanding of the law, dividing a house in a divorce in Tennessee can be incredibly hard.Indeed, the division of a house in a divorce represents one of the most complex aspects of a divorce. Unlike other assets, a home cannot be simply split down the middle. Further, a house often carries emotional significance.

Your Options for Dealing With a House in a Divorce

When it comes to deciding what to do with a house during a divorce in Tennessee, there are typically two main options available to couples:

●      Keep the House and One Spouse Remains: One of the most common resolutions is for one spouse to keep the house. This may involve buying out the other spouse's share or compensating them with other marital assets.This option is often preferred when stability for children is a priority, or when one spouse is particularly attached to the home.

●      Sell the House,Split the Proceeds: Alternatively, selling the house and dividing the proceeds is a clean way to ensure both parties benefit from the asset's value. This option is particularly appealing when neither spouse can afford the house on their own, or when both parties wish to start fresh. The sale can provide each person with a financial foundation to establish new, separate lives.

Contact Our Franklin, TN Divorce Lawyer Today

At Campbell Perky Johnson, PLLC, ourFranklin divorce attorneys work to help clients find solutions that work. If you have any questions about how to handle the house in a divorce, we are hereto help. Contact us today for your completely confidential, no obligation initial case review. From our Franklin law office, we provide family &divorce representation throughout the region.