Property Division: Five Things To Avoid

Divorce is almost never in the plans. Marital problems that lead to divorce may seem to come up suddenly or they may be obviously developing over time. Regardless of what has brought you and your husband or wife to the edge of divorce, it is a critical time to watch out for your long-term interests.

Property division is essential in every divorce. We will focus here on what not to do, based on what we have observed over the years with other clients.

1. Do not major in minors and minor in majors. In other words, do not waste excessive amounts of time, stress and legal fees fighting over things that matter much less than you think. A boat, a gun collection or household furnishings may loom large in your mind, but over the course of your life, you may get along just fine without them. Other, less obvious assets can be much more impactful.

2. Do not forget about invisible assets and liabilities. These can include retirement accounts, insurance, debts and tax implications of your settlement.

3. Do not spend your entire family fortune on legal fees squabbling over how you will split up your assets. Find a way to arrive at a reasonable and cost-effective outcome. Settlement negotiations or mediation may work for you and your spouse. Your divorce attorney can help you determine and implement the most effective and efficient approach.

4. Do not refuse to compromise. Think carefully about what is worth fighting for and where you can make concessions for the sake of a reasonable conclusion to your divorce.

5. Whatever you do, do not attempt to hide assets during the discovery phase of your Tennessee divorce. Common methods include asking other family members to hold onto assets and return them after a divorce and deliberately underestimating the value of assets. Many spouses who do these things end up wasting time and spending exorbitant amounts in legal fees to get their cases resolved. Some people go to jail after hiding assets and lying to the court.

There Is A Better Way — Discover And Follow It With The Guidance of The Childress Firm, PLLC

The Childress Firm, PLLC, with a foundation of experience and knowledge encompassing many areas of family law, has valuable tips on property division to offer Tennessee residents going through divorce. From law offices in Bartlett, we serve the Memphis metro area, Shelby County and other area communities. To schedule a consultation with a lawyer about asset division and your coming Tennessee divorce, call 901-318-3719 or send an email through this website.