One of the most contentious aspects of a divorce is the asset division process, especially if the divorcing couple has been married for many years. Therefore, it is important that all divorcing spouses are aware of how the law applies to their situation, and how they can expect their assets to be divided. They should also remember that state law has a big impact on how assets are divided.
In Tennessee, community property is not recognized. This means that at divorce, all marital assets are not automatically split equally between divorcing spouses. Instead, the divorce courts divide marital assets in a way that they view to be equitable and fair when taking into account the circumstances unless the divorcing spouses are able to come to their own agreement. The following are four types of assets that you should always remember to consider in a divorce.
Retirement and savings accounts
Retirement and savings accounts are commonly overlooked assets. Your spouse may have a retirement account that is worth a huge amount of money, and you should be entitled to at least a significant portion of it, especially if you contributed to their ability to earn an income through being a homemaker.
Debts
Debts are also subject to division at divorce, not only assets. In Tennessee, the spouse responsible for acquiring the debt may be liable for it after the divorce.
Your home
Your home is an asset, but you should also remember that there may be significant costs associated with it. It may be in your spouse’s interests to leave you the home and buy a small apartment, for example.
Businesses
If your or a spouse is a business owner, you may need to divide the value of the business between the two of you. This can become complex, and it is important that you do not overlook a family business as being an asset.
If you are going through a high asset divorce, take action quickly so that you can gain the best possible outcome.