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A complete monthly budget should have about 120 items. If yours does not have as many, you are probably forgetting something. Did you include your health insurance deductible, painting the exterior of your home (recommended every 5 years) and money to remove a fallen tree from your yard?
House appraisal minus mortgage balance does not equal equity to be divided between spouses. If you will keep the house, have a home inspection prior to signing the divorce papers to determine if expensive repairs are necessary. Did you remember to subtract the projected expenses needed to get the house ready to put on the market or closing costs from the value you assign the house?
If you want to stay in the marital home, you should consider more than just the mortgage, taxes and insurance expenses when reviewing your housing expenses. Often times the home is a barren asset that will not produce any real income until it is sold. The equity figure for the home might look good on paper but that is all it is, on paper.
Attorneys are best utilized for legal matters. It is amazing how fast your legal bill can grow as a result of a few quick phone calls. Ask your attorney how they bill for their time and use it wisely. Rely on your attorney for legal advice. Discussing your emotional state with your attorney may allow you to vent, but it is a very expensive therapy session.
It is recommended that you hire a CPA to complete your tax return the first year after your divorce. This will ensure that it is the return is done properly and you receive all deductions for which you qualify. Your divorce may finally be over, but the tax effects can continue for years.
The plaintiff must be a resident of Tennessee in order to file for a divorce there. If the grounds for divorce occurred outside of the state, either of the parties must have resided in the state for six months before filing. Military personnel must be a resident of the state for at least one year prior to filing. The petition must be filed in the chancery or circuit court in the county where the parties reside at the time of their separation, or in either the county where the defendant resides, or where the applicant resides.
|Your Right to Child Custody, Visitation & Support
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"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
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