Property division is one of the critical areas to get right in your divorce. If you fail to get the deal you need, you start the next stage of your life at a considerable disadvantage.
Many couples waste time and money fighting about who gets which assets. Sometimes this is necessary. Yet, often the battles arise from a lack of understanding of how property division works.
Preparation can simplify property division in divorce
Here are five reasons property division can become more challenging than necessary:
- Being unorganized: You will need a lot of paperwork to account for your assets and show their worth. If the family filing system is more overflowing drawers than neat folders, it will difficult to find what you need.
- Failing to understand your finances: If you do not have a clear picture of your finances, it can slow things. If you have at least basic knowledge of your assets, it will help.
- Hiding assets: If you try to conceal assets, your spouse may bring in forensic accountants. Once this happens, you can expect the divorce to take longer and become more complex.
- Holding unrealistic expectations: When you married your spouse, she was a successful businesswoman. Staying at home for 20 years to raise the kids may have dulled her cutting edge and confidence. A court might not share your opinion that she is as capable of you as earning. You could be in for a surprise if you were hoping for an equal split of assets.
- Refusing to negotiate: Tennessee law says you should divide marital property equitably. If you cannot agree, then a court will need to make decisions for you.
Going through a divorce may not be the best time to take a crash course in finances and legal matters related to property division. Having someone with that knowledge to guide you through the divorce process is essential.