Going through a divorce is challenging, especially when it comes to dividing marital assets. One of the more complex aspects can be the division of investment properties. Should you fight to keep them or let them go?
In Tennessee, the courts aim for an equitable distribution of marital property. This does not necessarily mean an equal division. Several factors can influence whether it is in your best interest to fight for these properties.
Financial implications
Owning an investment property comes with its own set of financial responsibilities, such as ongoing maintenance costs, property taxes and mortgage payments. Before deciding to fight for these properties, you need to evaluate whether you can handle these costs on your own after the divorce.
The income generated by the property is another consideration. Does the property provide a stable income stream? If so, keeping it might be beneficial. However, if the property is not generating enough income, the financial burden might outweigh the benefits.
Emotional toll
Do not ignore the emotional impact of keeping or letting go of investment properties. A property may have sentimental value if it has been in the family for a long time or if you have devoted significant time and effort to managing it.
However, try to avoid letting emotional attachments cloud your judgment. Ask yourself if the emotional investment in the property is leading to a wise financial decision.
When deciding whether to fight for investment properties, you need to understand your financial ability to manage the property independently and consider the emotional toll it may take. Divorce is a complex process, but taking the time to evaluate your circumstances critically will help you make informed decisions as you move forward.
