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Helton Law Firm, PLLC

Planning to prevent financial problems in divorces

Tennesseans who are wanting to get divorced in 2016 may want to take some proactive steps to protect their assets before they file. By getting a clear picture of all of the assets and income held by both spouses, people may avoid making mistakes in their division of property that could cost them.

As a good first step, a person will want to make a thorough list of all assets, retirement accounts and other accounts held by each party. People sometimes fail to list property and accounts, and a spouse who doesn't know about them could miss receiving the share to which they would have otherwise been entitled.

It is also a good idea to run a credit report in order to identify all jointly held liabilities, such as credit cards. The person may want to then contact the companies to try to close the accounts before filing for divorce. This can help prevent damage to their credit if the other spouse spends a lot on the credit card after the divorce is filed. Setting up a separate bank account is also important, as some people will empty a joint account to spite the other spouse after the divorce is filed.

For the most part, marital property includes all property obtained during the marriage by either spouse. There are certain exceptions to this, however. People who have questions regarding property division in their own case may want to talk to a family law attorney who can advise the client of what is likely to happen. Legal counsel can also explain the potential consequences of certain types of property transfers in a settlement agreement.

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