When people in Tennessee decide to divorce, they may fear the potential fallout of ending their marriage. When people think of divorce, the first thing that comes to mind may be a bitter court battle. However, many people are able to achieve a resolution of their issues at a lower cost and in a shorter time. While the legal, financial and emotional consequences of divorce are always significant, the behavior of both participants in the separation can make a major difference in how people emerge from an unhappy marriage.
For some couples in Tennessee, simply mentioning a prenuptial agreement brings to mind concerns about mistrust and the possibility that a marriage may already be doomed before the "I dos" are exchanged. Oftentimes, such beliefs stem from popular misconceptions people have about prenups. One of the most common ones is that such agreements are only necessary if one soon-to-be-spouse is exceedingly wealthy or a higher earner than the other person.
Couples in Tennessee who are considering divorce in which alimony will be a factor may want to look into making sure the divorce is finalized in 2018. Starting in 2019, spousal support payments will no longer be tax-deductible for the payer. Although the recipient will also not be required to pay taxes, experts say the change will probably mean less money for the recipient.
A new school year in Tennessee comes with a wide range of emotions for any child. There's the excitement of being around familiar friends and getting back to favorite sports and the anxiety over tackling more challenging classes. The apprehension of returning to school can be even greater for children following a divorce, especially if they'll now be splitting their time between two households. One way parents may be able to make the transition easier is to have a solid game plan in place before the school year begins.
Women in Tennessee who are going through the divorce process may be unpleasantly surprised by some of the financial revelations that take place. In one recent survey, 46 percent of divorced women reported that their separations resulted in financial surprises.
When Tennessee couples decide to divorce, they may prepare an array of financial, social and practical changes and consequences. Indeed, there will be many changes that take place after the divorce is finalized and asset division is completed. However, there are also a number of restrictions that both spouses will have to deal with while the divorce is pending.
While approximately 40 percent of marriages in Tennessee and around the country will end in divorce, 66 percent of married people do not have financial plans in place in case they get divorced or their spouses die. This can have a major impact on people's finances. When they have children who plan to attend college, it can make it even more difficult.
Some people in Tennessee may be surprised to learn how little they know about household finances and investing when they get a divorce, and according to a survey by UBS Global Wealth Management, this is more likely to be women than men. The survey gathered information from 1,500 couples and more than 600 women who were widowed or divorced. All had at least $250,000 to invest.
There are misconceptions on how much influence a child has when it comes to determining custody. Many parents believe that if their child wants to stay with them, they will receive custody.
If you are involved in a serious relationship in Tennessee and have been discussing formalizing your commitment by getting married, now is the time to also discuss creating a prenuptial agreement with your partner. Marriage is as much a business and financial arrangement as it is a personal and emotional one which makes prenups important for people who want to address all sides of this relationship.