There are many different things that have to be settled before a divorce can be finalized. One of these is the property division aspect of the divorce. You and your ex will have to divvy up all of the property that was obtained throughout the course of your marriage. If you have a considerable net worth, this could be a complex process.
Having to part with the possessions you worked hard to get can be difficult, but doing so is a reality in divorces. You have to make sure that you have a clear head when it comes time to divide property because letting your emotional attachment to the items rule can make the process much more difficult for you.
Getting divorced can impact every aspect of your life. There is one area that it can impact that you might not be able to fully control -- your credit score. This is because when you get a divorce, you and your ex have to divide the property that you have amassed. Property includes assets and debts, and this is where things get a bit tricky.
According to a 2013 study, in 40 percent of new marriages, at least one of the spouses has been previously married. Financial analysts say that for these couples, prenuptial agreements are particularly important. While many people are concerned that bringing up the subject of a prenuptial agreement can create issues of distrust, it's better than fighting later about what belongs to whom.
Dividing your property after a divorce is something that can be emotional. This is especially true when items like the marital home and other sentimental assets are having to be divided. The emotional tie to these assets isn't something that can dictate what happens in a property division case. Instead, you have to look at items from a practical and legal standpoint.
One of the biggest assets that many couples own is their home. When the couples opt to divorce, the question about who gets to keep the house is one that is central to the property division process. It is important that you think carefully about what it means to keep the marital home. Once you think about these important points, you might find that keeping the house isn't all it's cracked up to be.
In our previous blog post, we discussed some of the factors that can affect property division in a divorce. Those factors aren't the only ones that can affect your divorce. Other factors, such as your preferences, your ex's preferences and your willingness to compromise during the property division process can also have an impact on what assets and debts you have when you start your new life.
The property division process of some divorces is fairly simple. In others, it is a lot more complex. If you and your spouse have acquired considerable assets, such as real estate holdings, you might find that the property division process is complicated because of all the factors that must be considered.
Going through a divorce in Tennessee means that you will have to divide property based on what is fair and equitable. Tennessee doesn't handle property division based on a 50-50 split. In addition to trying to determine what is fair and equitable, we will have to determine what property falls under which classification. There are two classifications for property during the property division process -- nonmarital property and marital property.
When two people marry, they hope that they will be together forever. Statistically, there are a high percentage of cases in which that does not happen. For that reason, it is critical for people in states like Tennessee to understand marital property laws.