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3 Things to Consider When Dividing Property in a Divorce

Marriage is the beautiful thing that ever happens in anyone's life. But when a marriage ends in divorce, it generally includes conflicts, lots of arguments, and property division.

3 Things to Consider When Dividing Property in a Divorce

When you and your partner decide to take a divorce, it involves (and necessarily) tough decisions and complex discussions. There is also a concern about the fair division of property once you both are sharing equally.

In an ideal condition, the couple can mutually decide how to divide up property, debts, and other assets. But practically sometimes issues will arise from any side.

When that's not possible because of a conflict or a twisted issue about the assets' claim or value, both spouses may have to hire Knoxville divorce attorneys to settle on their behalf.

They also can go to court and ask a judge to separate marital estate (property owned together by the couple).

There are mainly 3 factors that decide how to divide the property, the types of divorce you're looking for, and what type of stuff you own.

Let's get brief information one-by-one.

  1. The Different Types of Divorce

You are lucky if you will get an opportunity to decide which type of divorce you would like to have; there are divorce options for those who want to work together.

  • Contested Divorces

It is the type of divorces that the stereotype mind people usually thought. In this case, lots of disagreement, unnecessary arguments, conflicts will happen—the key areas of disagreement are children, property, and spousal support.

An attorney represents each spouse, and a judge oversees the case until settlement. This type of divorce can be long-drawn, expensive, and potentially controversial.

  • Uncontested Divorces

It is the well-matured and mutual types of divorce. In this case, both

For example, in an uncontested divorce, both individuals come to a settlement on all the terms of the separation and file the papers with the court. There is normally no legal trial in this situation. An uncontested divorce can be much less costly than a contested divorce, saving you time, court expenses, and legal fees, as well as helping you bypass protracted disputes with your spouse.

There are other types of divorce that also happen somewhere in the middle. Arbitration, mediation, arbitration, and collaborative options allow the couple to be individually represented by an attorney without contracting the total costs.

The divorce option will work according to the couple's mutual understanding and level of trust.

What Kind of Property You Own

One of the most common questions that will arise during the divorce process is, "Who owns the house?" Yes, Property division is the most controversial issue during a divorce.

There mainly two types of property we can discuss:

  • Separate property

It refers only to one spouse, such as something you owned before getting joined, gifts or estates given explicitly to you, or the interests of a pension that vested before the wedding.

  • Community property

It is everything that both of you gained or collected during your marriage—also, property purchasing after marriage. In short, after marriage, whatever you own will be considered community property.

The state where you currently live

According to attorneys in Knoxville tn, courts used to divide property in one of two ways:

  1. Community Property

  2. Equitable Distribution

Debts and other assets are also divided by the same principle. Here is how wealth is split up depending on where you reside:

  • Community property states

In some states, all marital assets are categorized as either separate or community. When you get separated, community property is commonly distributed equally between the spouses.

  • Equitable distribution States

In all other states, assets and earnings acquired during marriages are divided fairly but not equally. Some of these states should order one party to manage the separate property to make the compensation fair to both spouses.

Conclusion

See, divorce is a life-changing process for both. Property disputes are one of the primary things that you need to be concerned about during the divorce process.


No conflict will happen if you both mutually decide. Still, in a contested divorce process, we commend you to hire the best divorce lawyer in Knoxville for the best advice and peaceful end of a divorce.