Crucial Things Often Forgotten when Planning a High-Asset Divorce: Part 2
As we discussed in part one of this two-part series on things often overlooked or forgotten when planning for a high-asset divorce: you can anticipate several key things in divorce. Other factors might sneak in and be a pitfall in your path forward. The dedicated attorneys at Fort, Holloway & Rogers are here at the ready to help our clients anticipate items that could waylay them down the road. Engaging with experienced high-asset divorce attorneys from the beginning can help you ensure that your path through divorce is as smooth and drama-free as possible. So, in addition to the concepts discussed in part one of this series, what are some additional things to look out for or anticipate in a high asset divorce in Tennessee?
Let’s get started.
- Plan for Attorney’s Fees and other Professional Costs
Divorcing couples with high-asset portfolios are likely well aware that the splitting of a marital estate can be costly. And in high-asset divorces, important interests may very well be on the line, such as ownership in business interests, continued rights in real estate portfolios, etc. This might be especially nerve-wracking if the decision of ownership or path forward in various interests could impact the lives of others such as employees or business partners.
All of these thoughts are valid. But in the midst of the process of splitting assets, remember that working through the nuance of executing a high-asset divorce will likely entail hiring the services of certain professionals.
While paying professionals fees to help you split your estate may be the last thing you want to do – engaging with appropriate professionals will almost always save you time, money, and ensure your estate is handled correctly. While every case is unique, high-asset divorce cases will likely require professionals such as tax specialists, forensic accountants, real estate appraisers, etc. to ensure that the estate is properly accounted for and you receive a just share of your marital estate.
It would also be wise to keep in mind that in some instances the court will order one spouse to pay the other’s legal fees, so keep that in mind and feel free to discuss the specifics of that potential scenario with your elected legal counsel.
- Calculation of Child support and Alimony Might Differ
Do not assume that child support obligations of high-net worth individuals will be calculated using the same formula or parameters utilized in your run-of-the-mill divorce.
The court’s duty and utmost obligation is to ensure the best interests of the child. The state’s calculation of what a fair and reasonable support payment will be might differ substantially from case to case, depending on the financial standing of the couple involved. One of our elite high-asset divorce attorneys can help you to analyze what you might expect in your own situation.
- Remember: “Final” Does Not (Necessarily) Mean Permanent
Some individuals want to barrel through their divorce and just get to the “finish line” of divorce finalization. This is understandable, but you owe it to yourself to take enough time to ensure you are doing things right. Even if one person is willing to overcompensate the other spouse just to finalize everything – you should keep in mind that a “final” divorce decree is not necessarily permanent.
Material changes in circumstances sometimes occur. When a material change in circumstances warrants the divorce decree be altered – a former spouse can petition the court and the decree may be altered. It is important to understand that this could potentially happen. An attorney can help guide you through various scenarios that could trigger such a decision by the court.
Contact Fort, Holloway & Rogers
The Franklin high-asset divorce attorneys at Fort, Holloway & Rogers are standing by to assist you in your own divorce case moving forward. Contact our office today to discuss your situation.
Sources:
williamsoncounty-tn.gov/243/Circuit-Court-Clerk
brides.com/guide-to-prenups-5094310
