Attention to detail and patience are two great attributes to have during the property division portion of a Tennessee divorce. Depending on the amount of assets at issue, and the length of the marriage, property division can be a lengthy and difficult process. Although many couples think of property as items such as a house and a savings account, some couples have much more property that needs to be split in an asset division. Furthermore, liabilities like credit card debt or auto loans are often the responsibility of both parties in an asset division.
While you or your divorcing spouse may have many questions about this financial division that is about to be underway, there is little reason to worry if the asset division is approached appropriately. In order to do this, a divorcing spouse must have a complete list and valuation of all property that could be considered marital property. Yes, the family home and savings accounts are considered, but so are things like artwork, retirement accounts and auto loans. Understanding how these assets, and sometimes liabilities, impact a divorcing couples’ divisible net worth is key.
The next step is understanding which assets or liabilities are a priority to you as a soon-to-be single person. For example, if you are planning on being the primary parent, the family home may be high on the list. Or if you gave up a full-time career and thus have no savings, you may want to make sure that you are entitled to an appropriate portion of the liquid assets. Some of these financial decisions come with their own implications besides the division, such as tax implications. At the Law Office of Steven C. Girsky, we ensure that our client’s best interests are at the forefront of our approach during divorce proceedings.
Because of our philosophy, the professionals at Steven C. Girsky will go the extra mile to ensure that complex valuations of certain assets are accurate, sometimes consulting with other professionals when needed. There is no reason to dread this portion of the divorce proceedings in an unhealthy way.
Patience will get a person seeking a divorce through the confusing moments, and attention to detail will ensure that no stone is unturned. These tactics can help to ensure that each person in need of help with their Tennessee asset division receives it. Our website contains some information about our firm and how we approach family law issues like divorce and property division.