As many divorcing couples in Tennessee may know, property division can be stressful, not only because of the emotions involved, but also because of the complexity of some of the assets to be divided. Not all assets can be divided in the same way. Retirement funds, for instance, can complicate the divorce process.
Property division can profoundly affect both parties' post-divorce finances. Both spouses should inventory their assets and properties, including all common assets, such as savings accounts, real estate properties and business investments. Both parties must also know each other's retirement plans as well as the tax implications of any divorce settlement changes and how accessible funds will be. Once the assets are known, each spouse can consider future post-divorce income, liabilities and expenses.