When you are getting a divorce and own several properties, it’s necessary to look into how you want to divide those properties. Anything that’s a marital asset can be divided in accordance with the state’s equitable distribution guidelines.
As an equitable distribution state, there is no guarantee that you will get an equal share of your marital assets. Instead, the courts seek to award a fair share if they’re involved in the division of your property. The good news there is that you can actually work with your spouse to divide your property before going to court, so there’s a better chance for a resolution you agree with.
When you’re dividing property, there are a few things you need to think about before you negotiate for what you want. Here are three tips.
1. Make sure you can take on the debt or support requirements of the property
Maybe the property has yearly taxes in the thousands of dollars or requires a monthly mortgage payment. Whatever the reality is, you need to make sure it’s something you can afford once you’re no longer married and don’t have two incomes.
2. Get a true valuation of the properties
When you own multiple properties, it’s not always fair to give one property to one person and the other to a different person. Properties have different values, so you should make sure you can negotiate for a fair share of assets if your property is worth less than the other property that your spouse wants to keep.
3. Real estate transactions aren’t the only way to get a fair share
If you don’t want the properties that you own through marriage, it’s a wise decision to get a valuation of the properties and then to have your spouse buy you out of your share. That way, you can obtain other assets more pertinent to your life without compromising on the fair share of your assets that you should receive upon divorce.
If you’re not sure if you can handle taking on a property or don’t want to manage the more expensive of the properties you own, then there is room to negotiate so long as you take your time in obtaining a solid valuation and looking into your options. Since Tennessee divides assets equitably, there may be ways to work your situation to your advantage and to get more out of your marriage than you expected.