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.
When you are going through a divorce, you need to prepare yourself to have to discuss several different factors. If you know what factors are going to come into the picture during your divorce, you can think about them ahead of time so that you can be prepared for the issues that might come up.
One of the most misunderstood things about the property division process is what counts as community (marital) property and what is considered separate property. The state of Tennessee is an equitable distribution state, which means that it is up to the judge to decide how the assets will be split between the two parties. It's also important to note here that equitable does not always mean equal. In fact, how the property is divided often depends on things like which spouse earns more, who has the higher earning potential and who will be the residential parent and main custodian for the children.
If you and your marriage partner feel comfortable with the idea, a prenuptial agreement is a great idea for every marriage, no matter how wealthy the individuals happen to be. The fact is, prenuptial agreements just make sense and if two people joined in matrimony truly love one another, they will want to ensure that if a divorce becomes necessary, it will be handled easily, quickly and peacefully. This is exactly what a prenuptial agreement can achieve.
Going through a divorce is something that can easily try your patience. While you might be ready to be done with your ex for good, if you have property together, you have to deal with that ex so that you can divide the property. The good news is that there are options that you have for doing this that might make the whole property division process easier.
If you or your spouse have retirement accounts and are going through a divorce, you might consider the possibility of seeking a qualified domestic relations order. A QDRO outlines how retirement accounts are going to be distributed, even if the distribution will occur in the future.