Any divorce or legal separation can present difficult legal issues which can be tough for anyone to navigate. Issues like property division, child custody and support and alimony are common in most Tennessee divorces, no matter the size of one’s bank accounts.
However, high-asset divorces, that is, those in which one or both spouses is a high earner or when the couple together has a high net worth, present some special issues which can make a divorce especially complicated.
Couples with a high net worth oftentimes have unique assets, compensation
Oftentimes, high-asset divorces are unique to the couple involved. For example, if the couple has an ownership interest in a closely-held business or a professional practice, the value of that business is not something that can easily be determined.
Even highly compensated executives and employees will frequently have specialized employment contracts with unconventional forms of compensation, like stock options, mandatory bonuses and payouts.
All of these types of compensation have to be considered during a divorce.
A high-asset divorce will often require the use of financial experts
Because of the unique situation high-asset divorces often present, a Knoxville resident going through one will likely need to rely on one or more experts to help them ensure they get treated fairly.
For instance, in some cases, it might be a good idea to hire a forensic accountant just to make sure both spouses are well aware of everything they own or owe, as it may be easier to hide or even just forget about assets during a high-asset divorce.
Other experts, such as a professional appraiser, may also play an important role in valuing a privately-held business. Appraisers may also help with valuing other rare property, like an antique car or a piece of artwork.
An attorney with experience handling high-asset divorces is also an important member of the team.