If you are facing a divorce, you are not alone. As it turns out, approximately 3.5 per 1,000 other Tennesseeans do every year, too.
Nonetheless, parting ways with a spouse is rarely easy. With that said, thinking carefully about how you want to proceed with some of the legal logistics of dividing assets can make the entire process less stressful.
1. Do you know what financial assets exist?
Before you can figure out how to split up your finances, you have to know what you need to divide. For this reason, you should make an inventory of any cash, savings accounts, checking accounts, stocks, bonds or mutual funds.
2. What do you want to do with real estate?
Next, think about what you want to do with any property your share with your spouse. This includes your primary residence as well as vacation homes and/or rental properties.
3. How are you going to conquer shared debt?
Just because your marriage is ending does not mean your debt load is going away. At the end of the day, you and your spouse still share a legal obligation to repay whatever debts you took on as a couple.
4. How will you handle taxes?
Regardless of whether you have children or not, shared taxes can be complex. When there are children in the picture, things can be even more complicated. For this reason, figuring out how you should approach taxes going forward can reduce challenges during the next tax season.
Divorces can be difficult, but approaching yours with a clear mind and thoughtful questions can help prepare you for the road ahead.