For couples everywhere, including those in Tennessee, divorce not only breaks hearts but can also take a financial toll. For these reasons, anyone who is considering divorce should try their best to set emotions aside and approach the process of property division carefully and rationally.
Many would say that the most important aspect of a divorce is property division because how an individual spends the person's life following a divorce depends largely on the financial resources at hand. Courts in Tennessee understand this concept and courts issue judgments that are meant to divide a couple's marital property equitably.
Many people would agree that one of the most contentious issues at the time of divorce is property division, even though Tennessee laws mandate an equitable division of marital property. Thankfully, over the past few years, a number of new laws have been passed by the Tennessee legislature and those laws have provisions that enable spouses to deal with property division issues. In an earlier post, we talked about the Tennessee Community Property Trust Act and its pros and cons for married couples.
Many divorced spouses in Tennessee agree that the outcome of property division after a divorce is a matter of serious concern. Marital property refers to all tangible and intangible personal property, purchased or acquired by either or both the spouses during the course of the marriage.
Any Tennessee resident who has had the misfortune of divorcing after years together with a spouse might agree that dividing assets and property is a serious matter with long-term consequences. Tennessee law requires that marital properties be equitably divided between the spouses. A family law judge, however, has some leeway in considering the financial situations of both spouses and dividing property in ways that satisfy the goal of fairness. More information on property division is available in an earlier post.
Divorce typically raises many tough issues for couples to address. For younger couples with minor children, the worst of these are usually about child custody and child support. For older couples, though, spousal support and property division are often the toughest nuts to crack anywhere, including Tennessee.
Many Tennessee residents older than age 60 are, in increasing numbers, divorcing after decades of marriage. A late-life divorce has many different implications for adult children and retirement benefits which may be are considered marital assets. In many cases, retirement and pension accounts fall within the purview of property division as part of a divorce proceeding.
Property division is one of the most contentious issues of a Tennessee divorce. In most disputes, a major point of argument is usually the marital home because it is often the marital asset with the highest value. While many separating spouses fight over the marital home, they are not fully aware if obtaining the marital home is actually beneficial. Therefore, it is important that a spouse make an informed decision regarding retention of the marital home.
After getting married, many Tennessee couples decide that one spouse will continue working while the other will become a stay-at-home spouse and focus on maintaining the marital home and raising the children. While this arrangement can benefit many couples, there can be a number of issues if, for some reason, the marriage falls apart because the stay-at-home spouse hardly has any income or assets, which makes that spouse's, as well as the children's, future highly uncertain.
Any Tennessee resident who has been through a divorce understands that it is more than about two people parting and moving along on their separate ways. There may be child custody, child support and spousal support to consider.