Divorce is a very difficult situation for anyone. Unfortunately, along with the emotions that come with a divorce, there are also legal complications. These legal complications can be hard to understand and can make the whole ordeal even more painful. One of the most common problems individuals have to deal with during a divorce is how to divide property. Whether the property was acquired during the marriage isn’t always the only question either, as sometimes there isn’t a clear answer as to who should get what.
The following are six tips when dividing property during a divorce:
1. Identify Marital Property
In Tennessee, the courts have wide discretion on how to divide marital assets to arrive at an equitable distribution between divorcing spouses. The first important step is to determine the category of assets—whether they are “marital” property or “separate” property. Tennessee draws a distinction between them because “separate” property is not subject to division in the divorce process including property acquired before entering into marriage as laid out in T.C.A. 36-4-121.
2. Determine Asset Value
Marital property is difficult to divide because items – cars for example – have very different values. Once you’ve determined what property was obtained during the marriage, the value of each item needs to be figured. That way you’ll be able to split up assets in a fair manner based on how much they are worth.
3. Dealing With Investments
Investments that are made during the time of marriage – such as an IRA that belongs to two people – can be tricky to divide. Pulling the money out and dividing it equally can result in a large financial penalty. In most cases, a better option for a couple dividing investments made during the marriage is to split them evenly based on dollar amounts without liquidating them. Often, this might require one person to pay a certain amount of money or give up another asset to meet the dollar value of their investment. If you only have one investment, such as a retirement account, dissolving it might be the only way to split the money up equally.
4. What About the House?
A single-family home is typically the most valuable property a couple acquires during their marriage. There are a variety of ways to deal with dissolving a home including:
- Selling the home and dividing the money between the two parties.
- Providing other assets of equal value to one party while the other party retains possession of the home.
- One spouse can buy out the other person’s share of the home, either over time or after a certain period of time has passed.
5. Don’t Argue Over Everything
When divorce becomes contentious, it is common for many people to argue over the smallest possessions. Unfortunately, this makes the process much more difficult. Items that have sentimental value are often hard to divide for this reason. While trying to get an even share of the marital property is probably in your best financial interest, there are times when dollar amounts just can’t be perfectly matched. In those cases, it may be better to simply let some things go so as to move on with your life.
6. Hire an Attorney
Divorce is a messy subject, but dividing your property doesn’t have to be. With the right tools and proper knowledge, you can equip yourself so that things go smoothly, and you get what you’re entitled to. Hiring an experienced attorney is always in your best interest as it relates to your divorce progressing fairly and equitably. Contact our attorney Donna Wagner today to schedule your consultation. Ms. Wagner is experienced in handling all kinds of divorces, and will work with you to meet your needs.
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I know for certain that If I am needing an attorney again in the future, I will be using Donna Wagner. There are so many great things to say about Donna. However, I believe what I appreciated most was how Donna handles special situations, and I assure you, my circumstances were just that! Donna was very thorough during my entire case. She was able to address my unique case but also do so with legal basis even though the courts may not always allow for such situations. Donna was very thorough each step of the way and was certain to not leave any stone un-turned. One thing I really liked about Donna was her fire. When situations arose, she can be more than passionate about her job and serving justice to those who deserve it. I also want Donna’s clients to know that she was very timely with me in her communications with me. Whether by email or phone, she was always just a call or a message away. When being in a legal situation, I know from previous experience, being able to reach your attorney means everything. I am more than pleased with the results that I recieved from Donna Wagner, and I assure you my case turned out better than I had imagined and even for a fair price. Donna Wagner rocks!
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