Owning your home before your marriage does not guarantee that you'll keep it during your divorce. However, it could help you keep it if the facts of your circumstances support such a result under Tennessee law. Let's take a closer look at homeownership and how a pre-marriage home could stay in the hands of the spouse who previously owned it.
When you're getting a divorce as a business owner, you need to determine the value of your business for the purpose of asset division. Knowing what your business interests are going into your divorce negotiations will help you determine a fair and equitable buyout under the law.
The decision to divorce isn't easy -- especially when you've been married for a long time and have a great deal of shared assets with one another. You and your spouse will need to divide your assets by determining what assets are legally divisible as a part of your marital estate and what assets are not considered a part of the marital estate.
If you work and earn your living off the art you make with your hands, you may have a lot of different art pieces scattered around your home. You might have an entire studio filled with art, as well as art on consignment at art galleries across the world. Artists who own a lot of their art usually have a lot of questions about what will happen to their works in their divorce proceedings.
The typical Tennessee divorce has a lot of legal complexities that must be dealt with -- both by the spouses and the lawyers representing them. Even a fairly straightforward breakup that doesn't involve children or a lot of assets can require many steps. Let's take a look at a few tips that divorcing spouses can use to simplify the process:
One of the most trying parts of divorce has to do with the divvying up of your marital assets. When more money is involved, asset division proceedings tend become more stressful and more complicated. One of the most important issues relating to marital property division is the definition of marital property itself. These definitions can vary from state to state, so let's take a look the way Tennessee law addresses this issue.
Young adults from the so-called "millennial generation" are opting to sign prenuptial agreements before getting married. According to one prenup-signing millennial who is planning her wedding for next summer, the document is practical in this day and age, considering how common divorce has become.
Most Tennessee spouses undergoing divorce think about their family home, vehicles, art, bank accounts and other assets when it comes to asset division. However, in the age of the internet, we also have to think about our digital assets when it comes to deciding who will own what after a split. So, what happens to digital assets like an iTunes library, for example?
In divorce proceedings, Tennessee residents have to decide who gets what when it comes to marital assets. If the spouses themselves cannot decide, however, then a court will make the decision for them, and it might not be what's best for all parties concerned. As such, spouses are always encouraged to do whatever they can to come to an asset division settlement out of court whenever possible.
The famed heiress and daughter of Elvis Presley, Lisa Marie Presley, filed for divorce following her 10-year marriage to Michael Lockwood. Presley, who is believed to be worth hundreds of millions of dollars, cited irreconcilable differences in the divorce filing as the reason for the breakup. The official date of separation in the divorce has been listed as June 13.