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What do do with the finances after a split?

Tennessee is not a community property state, so splitting up assets after a divorce may not be easy. Living together and sharing belongings can also be tricky if there's a separation without prearranged documents to specify how to divide things up. Some attorneys say it's good to get a pre-nuptual agreement, especially if assets such as property, cars, homes and pets are involved. It is recommended that unmarried individuals living together should keep separate accounts as well as a household operating account. If property is purchased between the couple, it should be treated like a business arrangement.

The only problem with sharing joint accounts if you're not married is that each person has access and legal rights to the money. In the event of complicated finances during a split, it's best to try and keep emotions at bay as everything is divided up. Getting too emotional during this process can delay things and get people into trouble, which only enforces the need to get finances and shared belongings taken care of up front. In this case, it's best to get the advice of a financial planner or a lawyer to plan ahead of time.

During a breakup or divorce, division of property is usually either mutually agreed upon by both parties or divided up by the courts. If a couple can't agree on what they want to divide, they can submit their dispute to the court, which uses state laws to divide up the belongings and property.

Divorce and alimony can be lengthy and expensive processes that are best handled by a professional or someone knowledgeable in the field. An attorney may be able to present the case to the court, so that each side reaches an agreeable decision. An attorney that specializes in family law may help those seeking a divorce understand how to best allocate their emotional and economic resources.

Source: Main Street, "Splitting Up Your Finances After You Split", Nicholas Pell, December 18, 2013

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