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2014 divorces in TN can raise complex asset division questions

Tennessee residents may be interested to hear that a study of recent reports revealed that the year 2014 is likely to bring with it an increased number of divorces across the United States. A CNBC report has referred to the so-called "business of divorce" and has indicated that the revival of the stock market may cause a gradual shift of focus of property division from division of debts to division of assets. Given the recovering housing market, property settlements may also prove trickier than before.

Once a marriage ends, a Tennessee couple may wonder how they can part ways, each taking their rightful share, and preferably without engaging in a prolonged and fiercely contested divorce proceeding. Both might have brought their own share of pre-marital property to the marriage. Furthermore, any property acquired during the course of the couple's marital life must be divided at the time of divorce. Property division plays and important role in the overall outcome of a divorce, as many Tennessee residents may know from their own experiences.

The longer a marriage has survived, the more likely it is that marital assets have been accumulated. In any event ensuring an equitable division of assets in an amicable manner between the divorcing couple becomes a matter of considerable delicacy and tactful negotiation.

Proper identification of assets, including marital property and non-marital property, is of paramount importance for ensuring a fair outcome in any divorce. The division of assets can be further categorized into simple property division and complex property division, each process having individual characteristics.

A Forbes report has also warned a person on the verge of a divorce should carefully consider whether his or her spouse could have been hiding income with the motive of appearing less affluent. Given this importance, it is no wonder that a divorcing spouse may wish to get sound legal advice from an experienced family law attorney.

Source: Reynolds Center, "Not so happy New Year: Business of divorce gets a January boost," Melissa Preddy, Jan. 8, 2014

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