One of the most important components of any divorce is the division of marital property. In a Tennessee divorce, that property that you acquired together as a married couple (your marital property) is divided in a manner that is deemed equitable, which – in essence – means fair under the circumstances. It’s important to note, however, that your marital property can’t be divided equitably if you can’t pin down exactly what those assets are – and some divorcing spouses are not above hiding such assets during the divorce process. If you’re facing a divorce, you need the professional legal counsel of an experienced Murfreesboro divorce attorney on your side.
Your Marital Assets
The fact is that the seemingly simple act of identifying your marital property can become surprisingly complicated quite quickly. Those assets that you brought into the marriage with you (and kept separate), generally remain separate property. If you commingled this property, however, it can change its classification from separate to marital property. While those assets that you acquired as a married couple – regardless of whose name is on them – remain marital property, there is a lot of gray area.
Consider all of the following:
- If one of you brought a business into the marriage and kept it separate, that business is likely separate property, but any increase in its value would be considered marital property.
- The retirement accounts that either (or both) of you brought into the marriage remain separate property, but – again – any increase in value is marital property.
- If either of you has a collection that you either began during the marriage or continued to accrue during the marriage, it’s important to remember that the value of this collection (or the increase in its value) remains marital property even if the collection held personal meaning for only one of you.
Your marital finances are likely more complicated than you realize, which makes it far easier for your divorcing spouse to hide assets.
Hiding in Plain Sight
If your divorce involves high assets, the stakes are even higher, and there might be greater opportunities for hiding assets outright – and/or seriously clouding the issue. Often, one spouse handles the finances and, as such, has a far better understanding of the couple’s overall assets. If this is your situation, your spouse likely has the means to get creative when it comes to hiding marital property from you. While you may not think your own spouse would stoop to this level, it’s important to recognize that divorce can push otherwise reasonable people to behave very unreasonably, and this shift often focuses on money.
Protect Your Assets by Working Closely with an Experienced Murfreesboro Divorce Attorney
The dedicated divorce attorneys at Kidwell, South, Beasley & Haley in Murfreesboro understand exactly how critical it is to your financial future to obtain a fair division of marital property in your divorce. As such, they are committed to digging deep into your marital finances to ensure this happens. We’re here for you, so please don’t hesitate to contact us online or call us at 615-893-1331 today.
