Divorce in Tennessee can be a painful process regardless of the details or background. However, when there are a lot of high-value assets at stake, the process can be made even harder.
A high-asset divorce will typically include a lot of high-value things such as businesses, property and investment portfolios. Payments like child support and alimony might also be a difficult discussion
Dividing property in a high-asset divorce
Dividing assets in a high-asset divorce can be complicated, especially in the case of investments or businesses. For some couples, this process can take years.
For example, if the couple went in on a business together, then dividing that business can be difficult. If only one person owned the business but the other person relied on income from that business, the court might order the business owner to give a bigger alimony payment.
Evaluating a business or other significant assets is an important part of a complicated divorce like this one. It’s important for each person to get their assets valued and bring the evidence into the court.
What about hidden assets?
Sometimes, a person will move their money or assets around in order to not have the court include it in the divorce process. These are referred to as hidden assets.
Hidden assets can come in the form of trusts, money transfers or oversea accounts. This mostly happens in high-asset divorces in order to keep the entirety of their assets from being liable for division in the divorce.
Discovering hidden assets can make a huge difference in the divorce. If someone suspects their spouse to have hidden assets, they can get in touch with attorneys and forensic accountants in order to sniff it out.
What to do in a high-asset divorce
High-asset divorces can have a lot more stress than typical divorces, but the process is mostly the same. You’ll want to list out all of your assets and all of your spouse’s assets. When it comes to property division, make sure whatever payments you’re making or getting will support your new single lifestyle.