One of the first things Tennessee residents may think of when divorce comes to mind is property division. In the media and popular culture, property division is one of the more commonly portrayed aspects of divorce — which is understandable, because dividing assets can be a potentially drama-filled affair. Not all property division have to transpire in the way the media is so fond of portraying, though, and with a sound divorce strategy couples have a chance at a smooth and amicable splitting up of assets.
Tennessee fans may be fond of Jack White’s work with The White Stripes and his successful solo career, but the guitarist is in the news for reasons unrelated to his music. White and his wife finalized their divorce recently, leaving his wife with custody of their children 215 days out of the year, while White will have custody 150 days a year. The marriage of eight years ended amicably — initially, at least — and Jack White will retain ownership of all of his music ventures, including Third Man Records, Dead Weather, The Raconteurs — and, of course, The White Stripes.
Couples are sometimes able to settle such property division cases out of court. More often, though, court is required as many of these couples are unable to amicably divide property amongst themselves. In Tennessee, when property division is brought to court, the state follows equitable distribution laws. Following equitable division means that a judge decides how to equitably, or fairly, divide the property rather that there being a simple split.
With a judge deciding how to divide properties, the right approach is necessary for anyone hoping to retain marital properties that are rightfully theirs. A sound divorce strategy can help divorcees come to a smoother property division.
Source: ABC News, “Judge Finalizes Divorce of Jack White, Karen Elson,” Dec. 13, 2013