Couples contemplating divorce in Montgomery, Tennessee, may be worried that division of assets and debts will be a strenuous issue during the divorce proceedings. The longer the marriage is, the more difficult it is to separate assets and debts into equal shares.
Recently, the Grammy Award winning pop duo of Cathryn Antoinette Tenille and her husband Daryl Dragon filed for divorce. According to the petition, their 38-year-old marriage is broken beyond reconciliation. The petition asks the court to distribute all marital assets and debts equitably. Neither spouse demands any spousal support.
During any divorce, one of the most stressful exercises a couple has to go through is property division. In case of long marriages like this, it is often difficult to identify which property belongs to whom. While assets such as homes or automobiles can still be identified and singled out easily, complex assets such as retirement accounts, pensions and investments pose a challenge in terms of division. The same condition applies to business assets that the couple may have developed over the tenure of their marriage.
In addition to assets, Tennessee law also requires that debts be divided equally among spouses in an uncontested divorce. Hence debts such as a home mortgage, automobile debt, shared credit card debt and independent loans are also distributed in equitable proportions.
For spouses who wish to have an amicable divorce, consulting a lawyer may prove to be a wise decision so that all assets and debts are brought to the table and divided equally. Doing so will not only result in a transparent distribution, but may also prevent any future dispute related to property division.
Source: ABC News, “The Captain and Tennille Headed for Divorce,” Felicia Fonseca, Jan. 23, 2014