“During this time of emergency, our office will remain open servicing the needs of our community. Our office has the capability to perform consultations for new clients, meetings with existing clients, depositions, meditations and even Court hearings through live video or over the phone.”

How a gray divorce may affect asset and property division

Spouses over the age of 50 may have accumulated valuable assets during a long-term marriage. Depending on each individual’s plans for his or her lifestyle after divorce, spouses may need to consider their post-marital budgets carefully when negotiating property division.

As noted by Kiplinger’s Personal Finance, marital assets include income or business profits and stock, pension and retirement accounts. Both spouses have a right to receive a fair portion of these assets under Tennessee’s equitable distribution laws.

A division of income may need to cover a mortgage

If an individual’s sole income can cover fixed and variable living expenses such as a mortgage, he or she may have the means to maintain a current living situation. To take ownership of a shared home, however, an individual may also need to apply for a new mortgage.

As reported by Money magazine, a lender may require a down payment to refinance or approve a new mortgage. To cover the down payment and qualify, an individual may negotiate a cash payout from a couple’s other shared assets.

A divorce may change an individual’s lifestyle

Monthly income as a single earner is often significantly less than a married couple’s combined household incomes. By creating a workable post-divorce budget, an individual may determine whether he or she can maintain the same lifestyle as before.

If a single individual’s earnings cannot cover his or her expenses, the court may order spousal support. A payment arrangement may include living expenses for food, insurance and taxes.

Tennessee’s laws require soon-to-be ex-spouses to agree on a fair method of splitting their marital assets. A divorce settlement, for example, may include a lump sum cash payment from a divided business or retirement account.