Think These Questions Through Before a High-Asset Divorce
High-asset divorce, high net worth divorce, complex financial divorce – these are all different names for the same thing. And while divorce is devastating for a great many personal and emotional reasons, it can also wreak havoc on your financial wellbeing. If you have worked for years, maybe even decades, to build an empire with your spouse and suddenly fear that a divorce may impact your financial wellbeing – know that you are not alone. But experts in the legal and finance fields can help you navigate through any complexity that comes your way.
Before you set down the path of a high-asset divorce, it is important to consider some key questions. These questions will help you orient yourself in the best path forward as you seek to navigate through the unique complexities of a high-asset divorce.
First – What Exactly is a “High-asset Divorce?”
A high-asset divorce is one that deals with the division of a complex financial portfolio. If you and your partner have accumulated a significant amount of wealth and diverse assets, you are likely in a high-asset divorce scenario. High-asset divorces require meticulous work on complex issues, which can include:
- Asset discovery with recovery of wrongfully gifted marital assets;
- Evaluation of the validity of prenuptial agreements;
- alimony calculation;
- Valuation and division of real property and assets, to include the marital home;
- Valuation and forensic audits of businesses;
- Valuation of retirement accounts and any deferred compensation; and
- Valuation of investment portfolios and stocks, etc.
As you can see from the sampling of tasks above, high-asset divorces are often more complicated than the average divorce because there is a lot of property to consider, and often the financial stakes are incredibly high. This is why it is imperative to engage with an experienced legal and financial team. This professional team will know every process, can prep you on what to expect, and will make sure that everything works toward your most favorable outcome. This team will likely involve your attorney working seamlessly with additional professionals such as tax accountants, forensic accountants, and financial specialists, for example.
Questions to Ask as you Begin
As you consider your best path forward in your own high-asset divorce action in Tennessee, keep the following questions in mind
What Assets Do You Own?
Property that you personally own likely includes property that came into your possession prior to you entering into the marriage. What do you own? What does your spouse own? Generally speaking, assets that are considered “separate” property won’t normally be subjected to division in the course of the divorce. However, there are important exceptions to this, and even determining what property is considered “separate” can, of course, be complicated. In-depth discussion of the nuances and specifics to keep in mind in your own unique set of circumstances can be discussed with experienced legal counsel.
What Is Your Worth?
Do not let yourself down. Take the time to do your due diligence and really inventory and valuate your assets and debts. Countless individuals lose out on what should rightfully come to them simply because they did not know the true nature of their marital estate.
Inventorying and valuating your assets is not a process you have to take on by yourself – an experienced attorney can work with financial experts and delve through every nuance of a financial portfolio.
Arbitration or Trial?
Would you prefer to come to an agreement in arbitration/mediation? Or, if you do not come to terms that you are very pleased with, how willing are you to go through with the formalities of a court trial? Mediation can be highly valuable, but some cases inevitably end up in court and have a judge make the final call on their final divorce settlement. Your divorce attorney can help guide you through the merits of both options, and advise on how to best navigate moving forward.
Contact Fort, Holloway, Rogers
The Franklin high-asset divorce lawyers at Fort, Holloway & Rogers help our clients successfully navigate even the most complex of divorces. Contact our office today to begin speaking with our team.
Sources:
people.com/celebrity/most-expensive-celebrity-divorces/
law.justia.com/codes/tennessee/2021/title-36/chapter-4/section-36-4-121/
