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Murfreesboro Divorce Law Blog

Personal property and divorce: Items to consider

Going through a divorce is challenging on many fronts. At first, you need to wrap your head around the idea that your life is going to change in many ways. For example, you will no longer be living in the same home as your spouse.

Soon enough, you'll turn your attention to matters of property division. While you have every intention of "getting your fair share," you can rest assured that your soon-to-be ex-spouse will have the same mindset.

Have you answered these prenuptial agreement questions?

Depending on your situation, you may be interested in talking to your fiancé about creating a prenuptial agreement before your wedding day arrives.

If this piques your interest, it's imperative to have the conversation as far in advance as possible, as it can take some time to work through the finer details. Furthermore, you may not have a clear idea of what a prenuptial agreement is all about.

These financial assets can be a sticking point during divorce

When you and your spouse decide to divorce, you hope that you can move through the process as quickly as possible. You also hope that things work out in your favor in regards to property division.

While there are steps you can take to put yourself in a better position, you need to remember one thing: Property division is all about compromise. You aren't going to get everything you want, but you can still formulate a strategy for pushing forward.

What type of personal property will you divide during divorce?

Even though the divorce process can be time-consuming and frustrating, getting organized upfront will allow you to prevent additional trouble down the road.

As you turn your attention to property division, you should make a list of all your assets. With this in hand, it's much easier to understand what will come into play as the process pushes forward.

How should you deal with credit card debt in divorce?

If you decide to divorce, it's only natural to focus your attention on property division. For example, you may have questions about who gets the family house and what happens to your checking and savings accounts.

While property division is important, the same holds true for debt. Many couples find that they need to deal with credit card debt as the divorce process unwinds.

A high net worth divorce can be complicated

Any divorce, regardless of how many assets are at play, can lead to quite a few complications and challenges. This is even more so the case with a high net worth divorce, as there are many details that can quickly turn into areas of dispute.

For example, anyone with ownership in a business can become entangled in a high net worth divorce. The same hold trues when one or both individuals have substantial savings, retirement benefits, investments or unique assets.

Personal property, divorce and property division

Going through a divorce is a challenge on many levels. Like most people facing divorce, you'll spend a lot of time thinking about the steps you can take to secure as many assets as possible.

It's important to learn more about property division, including the likely end result of the process. At some point, you will turn your attention to creating a list of all your assets, including personal property.

Do you know the top benefits of a prenuptial agreement?

Although a prenuptial agreement isn't right for every couple, it's something you should think about before you tie the knot. If you don't, you could find yourself in a bad spot should your marriage result in divorce at some point in the future.

The best thing you can do is learn more about the benefits of a prenuptial agreement, as this will help you decide if it's right for you and your partner. Here are some of the top benefits:

  • Peace of mind in knowing that the assets you bring into the marriage will be protected if you divorce
  • Opportunity to protect a professional practice or business interest upon divorce
  • Protection against the debt that your partner brings into the marriage
  • A way to limit the amount of alimony that one person will pay to the other after divorce
  • Protect the inheritance rights of any children from a past marriage

How can my ex and I can split up our home during our divorce?

In the case of most marriages, a home is the most valuable shared asset the two of you may own. For some spouses, it may even carry a strong sentimental value. In either case, you and your ex may have difficulty reaching an agreement as to how you're going to split it up when you divorce.

One of perhaps the easiest ways of splitting up a marital property is to simply sell it, dividing up the proceeds made by doing so between the two of you. Provided that the sale of your home doesn't go over $250,000 and that you've lived in the home for at least two during the last five years, then you'll avoid having to pay federal taxes on the net profits.

Here’s how you ask for a prenuptial agreement

As your wedding day draws closer, it's only natural to have some concerns about the future with your intended. You hope you live a long and happy life together, but want to protect yourself in the event that something goes wrong.

One of the best forms of financial protection is a prenuptial agreement. Although there are many benefits for both spouses when signing a prenuptial agreement, asking your soon to be spouse for a prenuptial agreement is easier said than done.

Bulloch, Fly, Hornsby & Evans Attorneys At Law
302 North Spring Street
Murfreesboro, TN 37130

Toll Free: 800-673-1947
Phone: 615-896-4154
Fax: 615-896-4152
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Toll Free: 800-673-1947

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