Tennessee is one of many equitable distribution states when it comes to the topic of divorce. This means that everything doesn’t get split right down the middle. Rather, the judge looks at various factors to determine how to divvy up the marital assets in a fashion that seems fair to both parties involved.
Marital property versus separate property
As you start to go through the divorce process, you and your estranged spouse will need to compile a list of all of your assets. One factor when listing these assets is to determine whether they are considered marital property or separate property. All marital property is at the mercy of the judge to determine who gets what in an equitable fashion. All property that is deemed separate property remains in full ownership of the party that owns it.
Once you have your list of assets, you should go over each item with your attorney to determine whether or not the asset is considered marital property or separate property. Marital property is property that was obtained during the marriage. Some examples of this may be a home, car or retirement account. Separate property, on the other hand, may include things like houses you owned prior to the marriage and any retirement contributions that you made prior to the marriage.
Undergo a collaborative divorce if possible
While many movies and TV shows make it out to seem like divorce is just a big mouth battle between both parties, that’s not the way all divorces are handled. If you and your estranged spouse are able to sit down and talk about your assets and who gets what without any sort of argument, you may want to consider undergoing a collaborative divorce. This helps to keep your divorce out of court and all of your marital assets away from the public eye.
As a female entrepreneur, you know that being proactive has many benefits in the success of your business. When going through a divorce, it’s important to bring that proactive attitude along for the ride. By understanding the laws regarding divorce in Tennessee, you can work with your attorney to come up with a reasonable solution that will help to keep your business intact.