Despite how amicable a divorce may be, the legal process is often extremely overwhelming for both parties involved. Couples are confronted with various challenges during the divorce process. Many couples are quick to settle their divorce because they want to move on to the next chapter in their lives as soon as possible. However, if a couple rushes to settle their divorce it could result in unfavorable terms when it comes to splitting marital property. It may be in a couple’s best interest to pursue alternative divorce methods such as a collaborative divorce. Collaborative divorces can help couples protect their finances as they have control over the terms that will apply to the termination of their marriage. Continue reading to learn why you should consider a collaborative divorce. In addition, contact a knowledgeable Shelby County, Tennessee Divorce Lawyer who can help you protect your hard-earned assets during the divorce process.
What is a collaborative divorce?
A collaborative divorce is a method of negotiating a divorce settlement where couples can resolve their disputed issues without having to undergo litigation. Oftentimes, couples have to fight tooth and nail over commonly contested issues such as property distribution, child custody, alimony, and child support during divorce proceedings. However, when couples use this legal process of mediation to reach an agreement on the terms that will apply to the termination of their marriage they can save a significant amount of time and money. Although a collaborative divorce can be extremely beneficial, the process can only be successful if both parties are open and willing to compromise.
What are the financial benefits of choosing this type of divorce?
When dissolving a marriage, collaborative divorce has several financial benefits. Firstly, in a traditional contested divorce, couples have to endure tedious and lengthy court proceedings to iron out the terms that will apply to the termination of their marriage. When this is the case, a judge has control over the process of property distribution. Tennessee is an equitable distribution state. Essentially, this means marital property accumulated during the marriage will be split between both parties fairly, but not equitably. In some cases, if the court deems it reasonable, one spouse may be granted a larger portion than their ex. In other cases, a spouse may be burdened with their spouse’s debts. Not having control over the division of assets can result in unfair terms. In a collaborative divorce, couples have complete power over how they want their assets to be divided. Therefore, they can protect their finances by ensuring they reach favorable terms.
For more information on how a collaborative divorce can help you protect your finances, contact a trusted Shelby County Tennessee divorce lawyer. Our firm is committed to helping our clients resolve their disputed issues through a combination of mediation and negotiation to reach a fair divorce settlement.