Divorce can be a challenging and emotional process, especially when dividing property. In Tennessee, property division follows the principle of equitable distribution, which means that assets and debts acquired during the marriage are divided fairly, but not necessarily equally, between the spouses. To help you navigate this complex process, we have compiled a list of essential tips and traps for property division in Tennessee divorces.
1. Understand Marital vs. Separate Property
One of the first steps in the division of property is determining what is considered marital property and what is separate property. Marital property typically includes assets acquired during the marriage, while separate property refers to assets owned by each spouse before the marriage or acquired through inheritance or gift. Identifying and differentiating between these two property types is crucial for fair division.
2. Gather Comprehensive Financial Information
Before proceeding with the property division, gathering all relevant financial information is essential. This includes bank statements, tax returns, investment portfolios, real estate documents, and any other documentation clearly showing your financial situation. A comprehensive understanding of your assets and debts will help you negotiate a fair division.
3. Consider the Value of Assets
When dividing property, it is not just about the quantity but also the value of the assets. Some assets may appreciate over time, while others may depreciate or come with hidden costs. It is crucial to assess the value of each asset accurately to ensure an equitable division. Consulting with a financial expert can be beneficial in this process.
4. Don't Forget About Debts
Division of property also includes the division of debts. It is essential to consider all outstanding debts, such as mortgages, loans, and credit card debts, and determine how they will be allocated between spouses. Failing to address debts adequately can lead to financial burdens in the future.
5. Seek Professional Legal Guidance
Dividing property in a divorce can be complex, with high stakes. Engaging the services of an experienced family law attorney can help you navigate through the process efficiently. A skilled attorney will protect your rights and advocate for a fair property division.
Divorce Attorneys in Franklin
At Puryear, Newman & Morton, PLLC, we specialize in the division of property in Tennessee divorces. Our team of dedicated family law attorneys has extensive experience handling complex property division cases. We understand the nuances of Tennessee law and can provide you with the guidance and representation you need.
Contact us today at (615) 933-2366 if you are facing a divorce and need assistance with property division!