Financial Questions About Divorce in Tennessee
Individuals facing divorce may have many questions regarding how property will be divided and what options are most economically promising given their individual circumstances.
July 26, 2012
Individuals facing divorce may have many questions regarding how property will be divided and what options are most economically promising given their individual circumstances. While a Nashville divorce attorney is the best resource if you are getting divorced, anyone can benefit from a basic understanding of how marital property is distributed under Tennessee law.Equitable Distribution
Spouses and their attorneys may come to an agreement about how property will be divided upon the dissolution of the marriage. When such an agreement cannot be reached, however, a Tennessee court will step in and determine property arrangements.
Tennessee is an equitable distribution state. This means that a court will divide marital property -- all property acquired by either spouse during the marriage, regardless of whose name may be on the title -- in a way that is fair, without regard to issues of fault.
Equitable distribution does not necessarily mean a 50-50 split. The court will analyze many factors in dividing property, such as the length of the marriage, the age, health, and earning potential of each party, and contributions, both financial and non-financial, made by each spouse to the marriage.
Could A Legal Separation Be More Prudent Than Divorce?
Some couples are emotionally ready to leave a marriage, but are keenly aware that divorce is financially unwise. For such couples, a legal separation may be a viable option.
Couples who are separated remain legally married, but live apart. As in divorce, a court can address issues like child custody, support and property division for a legal separation. Alternately, legally separated couples may reach their own agreement.
So why would a couple choose legal separation over divorce? For some, there are religious or personal reasons. But, there are also a number of financial considerations that can make separation advantageous: retaining insurance coverage under a spouse's plan, tax savings and eligibility for certain benefits are just a few.
Contact an Attorney to Learn More
Tennessee divorce law is complex, and while a legal separation can be a financially fruitful alternative to divorce, it is just as rife with potential pitfalls. If you are concerned about how divorce might affect you financially, get in touch with an experienced attorney today to explore your options.
Article provided by The Law Offices of James Flexer
Visit us at www.flexerlaw.com