FINANCIALS

If you are going through a divorce in Tennessee, you may have questions about what sort of financial information is required and how it will affect the outcome of your case. In this article, we will provide some general information on this topic, but you should always consult with a qualified attorney for specific advice on your situation.

In Tennessee what sort of financial disclosures are required in a divorce?

Financial information is important in a divorce because it helps the court and the parties determine how to divide the marital property and debts, and whether to award alimony and child support. Tennessee is an equitable distribution state, which means that the court will divide the marital property and debts in a fair and reasonable manner, but not necessarily equally. The court will consider various factors, such as the length of the marriage, the contributions of each spouse, the earning capacity of each spouse, and the needs of each spouse.

To make this determination, the court will need to know what assets and liabilities each spouse has, both separately and jointly. Separate property is generally anything that one spouse owned before the marriage or acquired by gift or inheritance during the marriage. Marital property is generally anything that was acquired during the marriage by either or both spouses, regardless of whose name is on it. Debts are also classified as separate or marital, depending on when and how they were incurred.

To disclose their financial information, each spouse must complete a personal financial affidavit that lists their income, expenses, assets, and debts. This affidavit must be filed with the court and exchanged with the other spouse. The affidavit must be truthful and complete, or else the spouse may face penalties such as contempt of court or an unfavorable property division. The affidavit may also be used to calculate alimony and child support, which are based on the income and needs of each spouse and the best interests of the children.

In addition to the affidavit, each spouse may also request additional financial documents from the other spouse through a process called discovery. Discovery may include requests for bank statements, tax returns, pay stubs, credit card bills, loan applications, business records, and other relevant documents. Discovery may also include interrogatories (written questions) and depositions (oral questions under oath) that relate to financial matters.

The purpose of discovery is to verify and supplement the information provided in the affidavit, and to uncover any hidden or undisclosed assets or debts. If a spouse fails or refuses to comply with discovery requests, the other spouse may ask the court to compel them to do so or to impose sanctions such as fines or attorney fees.

The financial information disclosed in a divorce may have a significant impact on how the court divides the property and debts, and whether it awards alimony and child support. Therefore, it is essential that each spouse provides accurate and complete information, and that they seek legal counsel if they have any questions or concerns about their rights and obligations.

Divorce and related family law is a complex topic. So we made a number of informational pages designed to help you and answer your questions as you move through the divorce process:

CHECK THESE LINKS RELATED TO DIVORCE AND FAMILY LAW