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East Tennessee Family Law Blog

How can I keep my business in a divorce?

Some couples stay together for the kids, thinking misguidedly that living with two unhappy parents is better than growing up with divorced parents. But other couples remain in loveless unions because they worry their co-owned business might take too big of a hit in a divorce and wind up failing.

It's a valid concern. Failing to secure the future solvency of your business can lead to post-divorce bankruptcy. No one wants that, but this doesn't mean that you can't pull the escape hatch on a bad marriage — just that you need to plan for the exit of your business as well.

You definitely need your own attorney for divorce mediation

Couples in Tennessee who know divorce is imminent may decide that mediation is the best way to handle it. Mediation offers couples quite a few benefits. It is generally much faster than a litigated divorce because you can file for an uncontested divorce.

The courts only need to ensure that you comply with any waiting periods and that the terms you reach in mediation comply with state law regarding child support and other concerns. Additionally, mediation is cheaper, in part because it is faster. You will pay substantially less if you successfully mediate the terms of your divorce then you will if you go to court.

Why you shouldn't automatically fight for the family home

People going through divorce often cling to whatever represents security for them. Often, that can be the family home. It's understandable, especially when there are children involved, to want to minimize the stress and changes for them. Retaining the family home in a divorce can provide a semblance of continuity that can provide the kids with peace of mind during the proceedings and beyond.

With that being said, it's imprudent to make the decision to fight for the family home in a divorce without first crunching the numbers and considering all options.

Divorcing? Don't forget to change your beneficiaries

There is so much to determine when couples go through a divorce. What will be the custody terms for the children, how to divide the marital debts and assets and who will keep the family pet all must be sorted out either between the parties or by a judge in court.

With all that taking place, it's easy to forget to make other important changes like switching the beneficiary on any life insurance policies.

When not to mediate your divorce

Mediation is a great tool for divorcing couples to settle all or most of their issues between themselves without the necessity of airing their grievances in court and having their fate determined by a judge.

It's an efficient way to sever ties, and in many cases, may preserve the parties' post-divorce relationship and allow them to co-parent far more effectively than they might after an acrimonious divorce that is dragged out in court. Mediation is also a good way for both parties to save on attorney's fees.

Using child support for extracurricular activities

Having to pay child support might not be the easiest for your financial situation, especially if you recently finalized a divorce with the other parent. You might need to work a second or even third job to make ends meet. Either way, it is important that you do not miss any payments. One of the most common uses of the child support you pay is for extracurricular activities for the child.

Extracurricular activities are a wide-ranging group of activities in which the child can participate before and after school. This includes activities when school is not in session. These activities are not just limited to what the school offers the student by way of groups, clubs, or sports teams.

These co-parenting tips will help you from day one

The moment you decide to divorce is the moment you should turn your attention to your children. There are a variety of steps you can take, along with the other parent, to help your children through this difficult time.

When it comes to co-parenting, you and your ex-spouse may not agree on everything. This is why it's so important to have a parenting agreement in place. You can rely on this to guide you, especially when there are disagreements.

To vax or not to vax: When co-parents disagree

One of the current hot-button issues for parents is whether to vaccinate their children or not. Common sense dictates that preventing kids from contracting potentially life-threatening diseases should be a parent's priority. Still, there are many earnest parents who believe the risk of developing autism and other problems increases with early childhood vaccinations.

Any parent who has dragged a screaming toddler into the doctor's office for a shot can attest to the trauma surrounding the experience -- from both the perspective of the parent and the child. It can be upsetting for all concerned.

Avoid these 3 common divorce mistakes

Divorce can be one of the most traumatic life experiences a person will have. However, not all divorces are fraught with trauma.

Still, the emotionally charged time between two former intimate partners can cause otherwise rational adults to act inappropriately sometimes. To avoid any pitfalls, spouses should avoid these three common divorce errors:

High-asset divorces are complicated

If you are in the middle of a high-asset divorce with your spouse, you may be wishing that you had signed a prenuptial agreement prior to getting hitched. Regardless, now you and your soon-to-be ex will need to negotiate the terms of your property settlement.

Those with the most to lose in a split have the hardest time divvying up assets. For instance, consider the dilemma of Jeff Bezos — the world's richest individual — who is the chief executive officer (CEO) and founder of Amazon and the owner of The Washington Post. He not only reportedly married without a prenup, but he also lives in a community property state where his net worth of $137 billion must be divided equally.

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