Not everyone goes through divorce, but practically all Tennessee residents know the basics of what a divorce involves. Two people who have been legally joined together in marriage go through the legal process of breaking their bond and returning to their single statuses. Along with ending their marriage, two divorcing parties may work out other legal matters related to the division of their property, the custody of their children, and the support either may seek from the other.
Every divorce is different but many share common elements, such as those just discussed. However, high-asset divorces present their own unique factors that can significantly complicate what may otherwise be straightforward proceedings. When couple must end a marriage that involves extensive personal, property, or business assets, the parties can benefit from seeking the counsel of attorneys who understand these nuances.
For example, a high-asset divorce may involve the interpretation and application of terms from a premarital agreement. Properly executed premarital agreements can be controlling with regard to some divorce outcomes, but not all premarital agreements should be recognized as valid. An unfair or invalid premarital agreement may need to be contested in order to protect a divorcing party’s rights.
Also, high-asset divorces can involve the problem of hidden assets. A hidden asset is one that a party may try to conceal from the ex during a divorce so that it is not subject to division. Business assets, accounts, and other tangible and intangible pieces of property of value can seriously skew the fairness of property divisions during high-asset divorces.
From a financial perspective, there is a lot on the line when two partners to a high-asset marriage choose to go through divorce. Each party should feel confident that they are receiving the best possible outcome from their divorce process and working with attorneys who represent high-asset clients can help. This post is informational and should not be read as legal guidance or advice.