Bulloch, Fly, Hornsby & Evans PLLC Attorneys at Law

Murfreesboro Divorce Law Blog

Some marital assets are easy to overlook

When dividing marital assets in a divorce, it's common to turn your immediate attention to the family home, bank accounts and retirement accounts. While these assets deserve your attention, you don't want to stop there.

There are many other marital assets to focus on, as you don't want to miss out on anything that you're entitled to. Some of these include:

  • Employer benefits: This includes things such as stock options, pension plans and deferred compensation plans.
  • Cemetery plots: It may not be something you want to think about, but a cemetery plot is anything but inexpensive.
  • Collections: This can include everything from sports memorabilia to a coin or stamp collection.
  • Country club membership: It may not be something you particularly value, but that doesn't mean you shouldn't get your share in the event of a divorce.
  • Pets: Some people don't look at pets as a marital asset, but that's exactly what they are. If taking your pet with you is important, start planning on this as soon as possible.
  • Photographs and other mementos from the past: These may not hold great value to outsiders, but you realize that these assets are invaluable.

Follow these tips to protect your business from a divorce

As a business owner, you put your heart and soul into making sure your company is always running at peak performance. Unfortunately, in the event of a divorce, everything could begin to fall apart around you.

There are tips you can follow to protect your business from a divorce, including the following:

  • Use a prenuptial agreement: If you're concerned about losing your business as a result of divorce, sign a prenuptial agreement before tying the knot. This allows you to outline how your business assets will be treated during the divorce process (if it ever comes to light).
  • Pay yourself a salary: There's nothing wrong with putting money back into your company, but neglecting to pay yourself a salary could backfire on you down the road. You don't want to do anything that jeopardizes your claim of ownership.
  • Don't mix personal and business funds: A common mistake that's easy to make, mixing funds will bring many challenges to your divorce. For example, if you take marital money and use it to purchase business equipment, the other person may be entitled to a portion of the asset.

These arguments are common before divorce

If you're moving toward divorce, you're probably spending a good amount of time arguing with your spouse. The way you handle these conversations will have a lot to say about what happens next.

Here are some arguments that typically come into play before divorce:

  • You don't care about me any longer. It can be difficult to fight back against this argument from your spouse.
  • You're not getting anything if we divorce. Your spouse may threaten that you won't receive anything in the divorce. This is a scare tactic that shouldn't stop you from proceeding if it's the right decision.
  • You'll never get to see the kids again. Just the same as arguments surrounding property division, this can be a nasty fight that takes many twists and turns. If this comes to the forefront, you can expect fights about child custody and support in the divorce.
  • You don't want to make things work. Maybe this is true, and maybe this is false. The best thing you can do is be open and honest about your feelings and what you want to happen in the future.

Is a property division checklist necessary in divorce?

Going through a divorce will change your life in many ways. From the way you raise your children to the money you have access to in the near future, there are many things you need to prepare for.

A property division checklist is not required by law, but it can go a long way in helping you better understand your situation. And when you understand what you're up against, you can make more informed decisions.

Tips for managing marital property

After you tie the knot, you have every reason to believe that you and your spouse will remain married for the rest of your life. However, this doesn't mean you shouldn't protect yourself in the event of a divorce.

There is more to managing marital property than meets the eye, with these tips among the most important:

  • Consider a prenuptial agreement: This is the best way to determine upfront what property is and is not subject to division in the event of divorce.
  • Keep accurate records: If you need to establish that an asset is not marital property, you should keep records that prove this.
  • Keep separate property separate: If you bring an asset into the marriage, keep it separate. If you don't, it may be considered marital property if you divorce.
  • An increase in value can make things tricky: If nonmarital property increases in value during your marriage, both individuals may be entitled to part of the increased value.
  • Use nonmarital assets to purchase other assets that you want to remain separate: If your spouse pays for part of the asset, he or she can stake claim to his or her share in a divorce.

Don’t cause a breakup when asking for a prenuptial agreement

Many people shy away from asking for a prenuptial agreement because they don't know what to expect.

On one side, they know that creating a prenuptial agreement will put them in a better place. Conversely, they also know that this could cause trouble between them and the person they love.

Divorce and bank accounts: Things to think about

Once you decide to divorce, you shouldn't wait long to review your finances to gain a better understanding of your assets and debts.

For example, you need to fully understand what will happen to your bank accounts in the event of a divorce.

Are you prepared to divide debt in your divorce?

As someone going through a divorce, you'll want to learn more about property division. Questions regarding your family home, vehicles, personal property and financial assets are sure to move to the forefront.

While you're doing your best to secure as many assets as possible, don't lose sight of the fact that you must also prepare to divide debt in your divorce.

When asking for a prenuptial agreement, listen as well

Once you get engaged, you may soon begin to think about the best time to ask your fiancé if he or she will entertain the idea of signing a prenuptial agreement.

This can be a difficult conversation on many levels, so you need to tread softly as to avoid a serious argument.

Bulloch, Fly, Hornsby & Evans PLLC Attorneys At Law
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Murfreesboro, TN 37130

Toll Free: 800-673-1947
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