Protecting Your Assets During Divorce
If marriage feels complicated sometimes, divorce can be even more complicated. The most essential aspect of a divorce is the division of marital property. What was yours before the marriage or acquired by gift or inheritance during the marriage should remain yours after the divorce. Generally, however, what has been acquired during the marriage is marital property and will be distributed or divided between the spouses as part of the divorce. You may have hoped your marriage could be saved, but once divorce is in motion, it is important to be savvy about your future financial well-being.
Prioritizing Your Assets
Save yourself time and money by deciding early on which marital assets you care the most about – which are worth the time and expense it will take to fight to save them. Your art or gun collection may matter a great deal to you, especially if there is sentimental value attached. Your lawnmower and shovel may matter much less. With your priorities clearly in mind, you can save time and money during preparation for and during settlement negotiations. You alone know which assets matter the most to you, and I will work with you to devise the best strategies for keeping those assets by agreement or court order.
Keep in mind that it is essential for the parties in a divorce action to disclose all assets. Concealing assets or giving something to a friend or relative for safekeeping can lead to more costly legal problems. If you are worried about the impact of your divorce on your business; investments; family-held real estate; or special assets, such as pets, a vacation property owned with friends or relatives, livestock such as cattle or horses or antique collections, talk to an attorney about the best way to go about protecting those particular assets. I am attorney Jim Weatherly, and I am ready to guide you through this difficult process with sensitivity to your priorities.
Handling Real Estate Division In Divorce
Understandably, one of the biggest concerns that you will address is the process of deciding who will get the house. Things become increasingly complicated when there are multiple properties involved such as vacation homes. If you bought the home together or both lived in it during your marriage, both parties may be entitled to it. For some, the best option is to have one party “buy out” the other. For others, the decision is not so simple. For people who own rental properties or commercial properties, this may need to be handled as a business, which may be subject to division for a number of reasons. Splitting these assets can be quite complex, which is why it is crucial to have an attorney you can trust.
Helping You Resolve Your Property Division Issues
Open-mindedness can go a long way when it comes to figuring out how to divide your marital estate fairly and efficiently. What does the law say? What is the judge in your county’s family law court likely to say about what you want or about the asset division agreement at which you and your spouse may arrive? Talk to a knowledgeable family law attorney about creative ways to limit losses on both sides. With my 40-plus years of legal experience, I have valuable advice when it comes to property division and all aspects of your divorce.
Deciding Whether To Settle Or Fight
You and your soon-to-be ex may reach a settlement agreement. This is the best-case scenario for most couples. However, this is never a given. Your husband or wife’s attorney or family members may be pushing for a more contentious path. It is important to know your rights. It is also important to weigh the risks and potential benefits of either taking your case before a judge or reaching an out-of-court settlement.
Even if you are not 100% satisfied with the outcome of a settlement, you should carefully consider alternative results that may arise from a divorce trial. You should be well informed when making decisions regarding the best path to resolution of the divorce. It is rare that litigants are ever completely satisfied after either settlement or trial. My experience as a Tennessee family law attorney should help you make the choice that is best for you.
An Attorney Who Can Help Bolster Your Position
I want my clients to understand their situations clearly. As your divorce lawyer and skillful advocate, I can help you protect your assets in a divorce. Call my office, James L. Weatherly Jr., Attorney at Law, in Nashville, at 615-988-4939 or send me an email inquiry to get the conversation started.