Most people getting married in Tennessee never envision having to deal with a divorce at some point in the future when saying, “I do.” Even so, there are times when circumstances eventually change. All decisions that will need to be made during this process can have serious financial, legal and emotional impacts. While any divorce can be stressful, there are some steps that may make things less painful for everyone involved.
It’s recommended for anyone getting a divorce to clearly know what they want and need and what’s not all that essential. Understanding what the other spouse wants can also give a lawyer a better idea of where to start with negotiation attempts. Since divorce is a legal proceeding, there are state laws that will play a role in how marital assets are divided. This is especially true with a high net worth divorce where there may be questions over what’s owned separately and what’s considered joint property.
If significant assets are involved, crunching numbers is an especially important step. Getting a credit report can a good way to determine the current financial situation. Financial and bank statements and tax records provide the kind of details that will be needed for the financial affidavit that has to be presented to the court. Divorcing spouses may also benefit from having bank accounts and credit cards in their own names and carefully tracking new expenses incurred.
Individuals going through a divorce often get advice from well-meaning friends and relatives. What can be more helpful is partnering with the right family law attorney. If significant assets are involved, for instance, a high net worth divorce attorney or law firm may be able to provide better insights and assistance based on their familiarity with the process.
