According to the Tennessee Department of Health, roughly 3.3 divorces happen per 1,000 residents each year. If you are going through a divorce, you know it can be an emotionally taxing experience.
Unfortunately, things can get more taxing when your divorce involves a significant number of assets, and you may find that your divorce process is longer than you thought it would be. Understanding why and how this happens can provide clarity during what is often a confusing and difficult time.
Identifying and valuing assets
In divorces involving substantial assets, one of the primary tasks is identifying and valuing these assets. This can take time, particularly if assets are complex or hard to value, such as businesses, real estate or retirement accounts.
Disagreements over asset division
Disagreements over how to divide assets can slow down the divorce process significantly. In Tennessee, laws require an equitable distribution of marital property in a divorce. However, if you and your spouse cannot agree on the value of an asset or how to divide it, you may need to involve mediators to reach a resolution.
In high-asset divorces, it is not uncommon for one spouse to hide assets to avoid division. If you suspect that your spouse is hiding assets, it may be necessary to involve a forensic accountant or investigator to locate the missing assets, which can further delay the divorce process.
Complex marital debt
Just as the courts must divide your assets in a divorce, they must also divide marital debt. These debts can be substantial and complex in high-asset divorces, adding another layer of complexity to the divorce process.
While having more assets can provide financial security, it can also complicate and prolong the divorce process. Understanding this can help you manage your expectations and prepare for the road ahead. Remember, the aim is to achieve a fair and equitable division of assets, and while this may take time, it is an important step towards starting your new life after divorce.