While some high-asset couples in Tennessee who are going through a divorce may have a prenuptial agreement in place, this is not usually the case. A high-asset divorce without a prenup can raise some particularly complex issues.
Due to these complexities, people who are considering divorce may want to hire an attorney and other professionals. In some cases, a higher-earning spouse might be required to pay the legal fees of a lower-earning spouse in a divorce. Couples in a high-asset divorce may also want privacy. Although court records are usually open to the public, in some cases, it may be possible to have them sealed.
One complicated element of a high-asset divorce is locating all the assets. This may go well beyond obvious assets such as investments, retirement accounts and real estate. It could include guns, collectibles, furniture, computers, artwork and more. There could also be assets about which one or both people have forgotten. Next, it is necessary to determine which assets belong to whom and which will be considered marital property for the purposes of property division. Some assets may have been acquired prior to the marriage and could be considered individual property. However, in other cases, the value the asset has acquired since the marriage could be designated as marital property.
Another issue that may arise in a high-net-worth divorce is the hiding of assets. A person could attempt to conceal assets in a number of ways, such as using shell companies or offshore accounts. A person who believes his or her spouse is hiding assets may want to discuss it with an attorney. Efforts to hide assets may affect a judge's approach to the case and could result in the lower-earning spouse getting a larger share of the marital property. In more amicable divorces, property division may be decided outside of court.