A high-asset divorce involves substantial money, property, and other valuable financial interests. Third-party ownership, tax consequences, and complex valuations can make dividing these assets between spouses particularly challenging.
If you are involved in separation proceedings and acquired significant assets during your marriage, you need the experience of a skilled Hamilton County high-asset divorce lawyer. A divorce attorney could help you identify and accurately value your complex marital assets, ensuring that you receive an equitable share.
In a divorce, certain types of marital property are easier to identify and value than others. For example, spouses can generally obtain the value of a home, car, or bank account by conducting an appraisal or reviewing account statements.
However, in a high-value divorce, spouses may have multiple complex property interests. Some of these include:
Establishing a value for an asset can be even more complicated when its value depends on fluctuating market conditions, such as stock portfolios or vacation homes. Skilled legal representation could work with other specialists like accountants and brokers to reasonably determine property values.
According to state law, judges must divide marital property equitably when a couple divorces. As such, the first step in a divorce proceeding is to determine what assets constitute marital property subject to division.
Under Tennessee Code Annotated §36-4-121, marital property is generally any property acquired by the couple during the marriage, regardless of who is on the account, title, or deed. Determining marital property in the high-asset divorce can be complicated when the property interests involve things like partial ownerships in businesses or complex real estate holdings.
Marital property determinations can also be challenging when spouses have commingled property they acquired before marriage with assets they purchased after they wed. A seasoned attorney in Hamilton County could help determine a couple’s marital versus nonmarital property during their high-value separation.
Due to the complexity of property interests, certain unique considerations are often present in a high-asset divorce.
Couples with substantial wealth may understandably be concerned about disclosing their private financial information in a public courtroom. An attorney with high-asset divorce experience could request a Hamilton County judge to seal all financial records. Additionally, spouses can agree to execute confidentiality agreements that prevent either of them from disclosing their finances to a third party.
Selling or transferring property in a high-asset divorce could trigger adverse tax consequences if not handled correctly. For example, a complex real estate holding may generate multiple cash flow streams, each subject to different taxation. A knowledgeable attorney in the area could work with a certified public accountant to determine whether it benefits a spouse to retain the property or sell it and divide the proceeds.
Asset division can be complicated in any divorce. However, a high-net-worth couple may face additional challenges when determining how best to allocate their property. As such, a spouse in this situation is well-advised to seek counsel from a local lawyer as early in the proceedings as possible.
Separating from your spouse can be a lengthy and grueling process, especially in high-value divorce cases. When a couple owns a significant amount of complex property, fairly dividing it can present unique challenges.
To ensure you receive an equitable share of the marital assets, you need a knowledgeable Hamilton County high-asset divorce lawyer on your side. Our dedicated team knows how to protect you, your property, and your legal rights. Reach out today.