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Posts tagged "Property Division"

Tips for dividing assets in Tennessee

When going through a divorce in Tennessee, one of the most important agreements you will need to come to is the agreement on how marital assets will be divided. All assets belonging to either divorcing spouse can fall into one of two categories: separate assets or marital assets. Separate assets belong solely to either spouse and are never subject to division at divorce. Marital assets belong jointly to both spouses, and therefore they need to be divided during divorce.

Getting the upper hand in the property division process

All divorces require that marital property is divided between spouses. Some states divide this marital property according to the legal theory of community property, meaning that both marital assets and marital debts get divided equally between spouses. Other states, including Tennessee, do not recognize the legal theory of community property and therefore divide property in a way that they deem to be equitable and fair.

Equitable distribution factors for you to consider

Individuals who are going through a divorce will have to split up their property. This is done either by negotiating a settlement or by the court issuing a ruling that's determined by the judge. In Tennessee, the standard that's used is equitable distribution. This means that the split might not be equal, but it must consider various factors of the marriage.

Retirement account value matters in property division

There are many different types of assets that you have to split up when you're going through a divorce. Making sure that you understand some important points about this may help you to make decisions as you go through the process. One particular type of asset that must be split is retirement accounts.

How is marital property divided in Tennessee?

When a couple goes through a divorce, not only do they need to separate themselves emotionally from the marriage, but they also need to separate all financial assets. After being married for many years, it's common for couples to be very financially intertwined, and they may not have a clear view of how they can divide assets fairly.

Sentimental value may require creative property division methods

Property division isn't usually an easy process because both parties have ties to certain items. Not only do they have to consider that, but they also have to think about how it might impact their financial future. One thing that you can't do is to allow the sentimental value of the items to cloud your judgment as you determine what you will try to keep.

Property division can be affected by a prenuptial agreement

People who are going through a divorce must split the marital assets. But some might simplify the process ahead of time by having a prenuptial agreement in place. If you do have one, you should review it if the marriage falters. This gives you time to fully understand the consequences if you do divorce.

Special documentation is needed for dividing retirement accounts

Couples who go through a divorce have to divide all of the marital assets during property division process. For many marital assets, this process is fairly simple and can happen without a lot of extra work. Retirement plans are one notable exception to this because they require you to have a special order if they are going to be split.

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