Alcoa, Tennessee, Family Law & Estate Planning Law Blog

Does high asset divorce have to be adversarial?

The mindset individuals have when they enter proceedings for ending their marriages could have considerable impacts on their cases. For instance, if a Tennessee resident chooses to use a high asset divorce as time for revenge, the case can become complicated quickly. On the other hand, if a person decides to move forward amicably, the case could go more smoothly. In the latter scenario, changing the language of divorce may help.

A psychologist writing for Psychology Today recently looked at the connection between language and divorce proceedings. The article states that the adversarial language often used in divorce proceedings could affect individuals' behavior and the way they approach their cases. Using the term "parties" to refer to the divorcing couple seems dehumanizing, and the words "petition" and "summons" seem confrontational.

The benefits of estate planning make the effort well worth it

Plans are useful in most scenarios. Though some people may like to live on the edge and leave certain situations up to chance, that may not be wise for important life events. In particular, estate planning can work toward preventing a considerable number of complications that could arise near the end of a person's life or after his or her passing.

If Tennessee residents have not yet started working on their estate plans, they may want to give the benefits of these plans their due consideration. For instance, estate planning can help with a number of financial matters. Planning ahead can help individuals reduce or even eliminate estate taxes, and it can allow people to set aside funds for particular uses, such as long-term care.

Physical custody not the only type of child custody to consider

Going through a divorce can take its toll on Tennessee residents in many ways. In particular, parents may worry about the child custody outcomes and how they can effectively address this part of the legal proceedings. As with many situations, it is wise to be informed about the types of custody and possible arrangements.

Commonly, physical custody is the type of custody that comes to mind when parents consider this part of a divorce. Understandably, parents want to know who their children will live with and what terms could help them create the best physical custody arrangement. Joint and sole physical custody are the two most common types with parents either equally sharing parenting time or one parent having custody of the children most of the time and the other parent having visitation rights.

5 reasons to sell your house during divorce

For many people, their first instinct during a divorce is to try to keep the house. Maybe moving sounds like too much work. Maybe they want the stability of staying in the same home. Maybe it's a dream home that they can't bear to part with. Maybe they have kids and they don't want to force them to move.

Whatever the reason, they don't want to sell the house.

Estate planning involves appointing people to important roles

When creating an estate plan, it is important to consider who will be in charge of certain affairs. Different people may be appointed to different roles, and it is important to understand the duties each person will have. Estate planning early may help prevent the court from having to appoint someone to these important positions.

The person in charge of handling the overall affairs of settling a Tennessee estate is known as the personal representative. This person, also known as an executor or administrator in some cases, will manage the probate process if the deceased did not transfer all of the property into a trust or multiple trusts. If the court must appoint someone to this role, a close family member may be chosen or a financial institution could even be appointed.

What factors affect executor fees in probate administration?

Closing a loved one's estate in Tennessee takes a lot of time and hard work. As a result, individuals who handle the probate process as the executors of the estates often receive compensation for their time and effort. How much they receive and when depends on certain stipulations.

First, it is important to review the decedent's will. In some cases, a person will have detailed a specific monetary amount that an executor should receive, and others may choose to let state law decide. Another option is to leave the executor a specific asset or other bequest rather than having the representative collect a fee from the estate. It is important to know what the decedent indicated in his or her will. If no designation was included, state law will take precedence.

Tennessee residents may want to identify estate planning goals

People often need a plan to reach certain goals. However, some Tennessee residents may not realize that their estate plans could help them achieve a variety of goals. Certainly, these plans can help with asset distribution, but they can also help in many other ways. Identifying a desired goal of estate planning could be a beneficial place to start.

If assets are of considerable importance, individuals may want to consider how estate planning could help. A goal may be to control how the assets are distributed after a person's death or to find ways to protect assets from creditors or other claimants. Continuing on a financial note, some parties may have the goal of using their plans to reduce estate taxes.

Several tasks necessary before starting probate

Having the responsibility of seeing a loved one's estate through to closure is not easy. Executors have a considerable number of obligations to attend to during probate, and it is of the utmost importance that they address each of those obligations correctly. Before the legal proceedings even get underway, Tennessee executors have their work cut out for them.

Because the executor must follow the decedent's wishes, it is important that he or she has the will. The will often provides a considerable amount of important information needed for probate. The executor will need to locate the will and read the document in order to understand the deceased person's wishes and to know who has been named as beneficiaries. The executor will then need to list those beneficiaries for contact.

Protecting child inheritances in a second marriage

Did you remarry and do you have children from a previous marriage? If you don't have a will, your children from the previous marriage can go through probate after you die to assert certain inheritance rights. However, under state intestacy laws, your current spouse may have the right to receive more of your estate than you intended.

For this reason, you may want to codify your wishes within a will. To be extra secure, you may also want to set up a trust for your children.

Property information important in high asset divorce cases

It is not unusual for individuals in Tennessee and elsewhere to find themselves wanting to end their marriages. Any number of issues could arise that lead to these feelings, and many people follow through with dissolving their marital relationships. Of course, if individuals are dealing with high asset divorce cases, they may have their work cut out for them.

Divorces involving a considerable number of assets can be difficult because a lot of information needs gathering. Parties will need to determine how much their assets are worth, who may own what and where important documents for those items can be found. Finding these answers can take research that some divorcing parties may not have expected. However, this information can play an important part in any case.

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Law Office Of JAMES H. SNYDER, JR.

James H. Snyder Attorney at Law
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Alcoa, TN 37701

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