Any Tennessee divorce can be difficult, but high-asset divorce cases involving individuals with high net worths can be particularly troublesome to navigate. You might imagine that having more money would make going through a divorce easier, but it can make the whole process more convoluted, difficult and expensive.
The more assets you and your spouse shared during marriage, the more incentive you and your ex have to fight over those possessions as you end your legal union. The possessions themselves can often present an issue, as there may not be a straightforward way to divide more complicated financial assets or to put an accurate value on items like art or jewelry.
Understanding the unique risks involved in a high-asset divorce can help you work toward a better outcome for the end of your marriage.
More assets mean more reasons to hide them
Hiding assets can happen even in a divorce between individuals with very little accumulated net worth. However, the higher your overall standard of living and income, the greater the potential financial incentive for your ex to manipulate you or the courts by withholding financial information or hiding assets.
Checking for missing income, as well as placing value on individual possessions acquired during the marriage, like jewelry and classic cars, can help you better understand the value of your marital estate.
You may not be familiar with your own finances because professionals handle them
Another unique issue for couples with higher assets is the lack of familiarity with those assets. Individuals with an average level of assets will likely be intimately aware of how much they put in retirement and what they purchase in any given week.
The same may not be true for spouses who have some disposable income or complicated financial investments. They may outsource all household financial record-keeping and documentation. The lack of familiarity with household financial assets that results can make it very hard to know what you need to seek in a divorce.
Your ex and your kids expect a higher standard of living
One of the factors the courts will look at when splitting up your assets and setting terms for things like custody and spousal or child support is the standard of living that the family enjoys and the ability of each spouse to maintain that standard on their own. If your ex has stayed home for years to raise the children, for example, they may receive a more substantial share of the assets or an order for spousal support until they can close the earning gap.
Working with an attorney who has experience with high-asset divorce can make all the difference in your case. A lawyer who really understands the unique issues facing families with significant assets can help you better prepare for a high asset divorce.