Property Division Factors in a Tennessee Divorce
Property Division Factors
In making equitable division of marital property, the Court considers these statutory factors.
1. Factor One
The duration of the marriage.
2. Factor Two
The age, physical and mental health, vocational skills, employability, earning capacity, estate, financial liabilities and financial needs of each of the parties.
3. Factor Three
The tangible or intangible contribution by one (1) party to the education, training or increased earning power of the other party.
4. Factor Four
The relative ability of each party for future acquisitions of capital assets and income.
5. Factor Five
The contribution of each party to the acquisition, preservation, appreciation, depreciation or dissipation of the marital or separate property, including the contribution of a party to the marriage as homemaker, wage earner or parent, with the contribution of a party as homemaker or wage earner to be given the same weight if each party has fulfilled its role.
***For purposes of this factor, dissipation of assets means wasteful expenditures which reduce the marital property available for equitable distributions and which are made for a purpose contrary to the marriage either before or after a complaint for divorce or legal separation has been filed.***
6. Factor Six
The value of the separate property of each party.
7. Factor Seven
The estate of each party at the time of the marriage.
8. Factor Eight
The economic circumstances of each party at the time the division of property is to become effective.
9. Factor Nine
The tax consequences to each party, costs associated with the reasonably foreseeable sale of the asset, and other reasonably foreseeable expenses associated with the asset.
10. Factor Ten
In determining the value of an interest in a closely held business or similar asset, all relevant evidence, including valuation methods typically used with regard to such assets without regard to whether the sale of the asset is reasonably foreseeable. Depending on the characteristics of the asset, such considerations could include, but would not be limited to, a lack of marketability discount, a discount for lack of control, and a control premium, if any should be relevant and supported by the evidence.
11. Factor Eleven
The amount of social security benefits available to each spouse.
12. Factor Twelve
Such other factors as are necessary to consider the equities between the parties