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.
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.
Statistical data from across the United States indicate that about half of all marriages end in divorce. The end of a marriage changes everything for the family involved. For couples with children, child custody can become a major battle of wills, but often the most conflict occurs around financial issues such as alimony, child support and property and asset division.
Many Montgomery County residents would agree that property division between spouses can be a highly contested area of a divorce. Since Tennessee is an equitable division state, it is not a foregone conclusion that a divorcing spouse will receive a 50 percent share of all property. Instead, a judge will decide the equitable division by considering the socio-economic circumstances of both spouses. However, there are state provisions that can ensure an equal division of marital property in the event of a divorce.
Many Tennessee residents may agree that when couples divorce, property division is often the most complicated aspect of the separation. According to Tennessee laws, all marital property is equitably distributed in the event of a divorce. Marital property in Tennessee includes all assets and debts that a couple has accumulated during the course of the marriage as well as all business assets and individual retirement accounts. However, IRAs are often overlooked by divorcing spouses.
When a Tennessee couple heads for divorce, is the spouses are usually prepared for an equitable division of property as directed by Tennessee law. However, sometimes spouses overlook assets and debts, which are a part of marital property and as a result emerge from the courtroom feeling that they have been treated unfairly. Therefore, it is important for divorcing spouses to address some crucial financial areas that can have a significant impact on asset division at the time of divorce.
Clarksville, Tennessee, residents may agree that one of the most contested issues during divorce is property division. Separating spouses can intensify the competition when the property at stake runs into billions of dollars. High asset divorces in Tennessee and the rest of the country often witness some of the most intense and nasty battles over property division.
In terms of marital property, although Tennessee is an equitable division state, a common issue plaguing many separating couples in Tennessee is division of property at the time of divorce. While some couples are able to decide on property division without intervention from outsiders, a large number of separating couples disagree over property division and subsequently end up in court.