Taking time to think through the value of the assets you own, which are likely to appreciate/depreciate over time, the cost to maintain them and what your life would be like if you no longer owned them is going to be vitally important as you plan for your divorce.
All too often, spouses approach the process of dividing marital assets and debts as an “I’ll just take half and you’ll take half” process. Yet, unless you own very little property, chances are that your property division process warrants a much more nuanced approach.
This state follows the equitable distribution rule
Tennessee law employs the “equitable distribution” standard when it comes to divorce-related asset division. As a result, spouses can approach this process in one of two ways. First, they can mutually agree to divide their marital estate however they please. Second, if they cannot work through fundamental disagreements, a judge will rule on the couple’s asset division situation in whatever way they consider to be most fair.
This means that, regardless of whether you hope to keep your divorce amicable or not, you will need to obtain an accurate valuation of your assets and have a strong sense of which assets you want to keep before you can start determining what a fair distribution of your marital estate might look like.
Being proactive can influence your situation for the better
It isn’t always easy to grasp what a fair distribution of marital assets may entail. As a result, those who are preparing to divorce in Tennessee generally benefit from seeking legal guidance to better ensure that they receive a fair share of their marital property. By being proactive early in the divorce process, spouses can set realistic expectations and start working methodically towards achieving their goals accordingly.