Once you decide to move forward with divorce, you know that there are many details to address in the near future. For example, you need to think long and hard about property division and what this entails.
It’s easy to believe that you can efficiently move through this process, however, things are sure to arise that get in the way. Here are some of the most important questions to answer:
— Do you understand what goes into the property division process in Tennessee?
— Are you familiar with the fact that debt, just the same as property, will be divided?
— Is there a prenuptial agreement in place?
— Is the divorce occurring in a community property state?
— Has all of the property been properly identified?
— Does one spouse have a claim that he or she owns property separately?
— Have all of the assets included in the divorce been valued?
— Are there any assets that have lost money or gained value during the marriage?
— Is it possible that one or both parties will go through bankruptcy during the divorce process?
Depending on where things stand with your divorce, you may have addressed some or all of these questions.
The most important thing you can do moving forward is become familiar with all aspects of property division, including how you will be impacted as the process unwinds.
Due to all of the challenges and complexities associated with property division, it’s essential that you focus your time and energy on understanding what will happen between now and when your divorce is finalized.
Source: The Huffington Post, “A Few Questions to Consider in Divorce Property Division Situations,” accessed Oct. 05, 2016