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What to consider during divorce asset distribution

Tennessee residents seeking a divorce may already be aware that dividing property can be difficult. This is especially true if the assets include family businesses, real estate and retirement plans. It is not as simple as splitting the assets 50/50 based on their current value. Answering the right questions can result in a more equitable allocation. These questions include is it a separate asset or a marital asset? What is the cost basis and what are the tax consequences if sold? Another factor considered during property division is whether the state is a community property state or an equitable distribution state. Tennessee is an equitable distribution state. Each state's rules for property distribution are different, and the attorneys working for each party strive for a fair distribution that stays within the laws of each state.

Going through a divorce can be a stressful time of life. The emotional impact of the separation can be more than enough for anyone to handle without the added stress of deciding how to separate the couple's assets.

In Tennessee, because it is an equitable distribution state, factors that lead to the assigning of the assets include: the length of the marriage, the property brought into the marriage by each of the individuals and the earning potential of each spouse. Another important consideration is the needs of the custodial parent to maintain the living standard of the children if children are in fact involved.

There is no need for anyone to stay in an unhappy marriage for fear of losing assets. Divorce attorneys in Tennessee are knowledgeable in the laws of the state. They will work to make sure the distribution of separate and marital assets are equitable and within the framework of the state's laws.

Source: Huffington Post , "Understanding How Assets Get Divided In Divorce", Jeff Landers, June 14, 2013

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