One mistake that successful Middle Tennessee business owners or professionals can make is assuming that their looming divorce or separation can be handled just like any other divorce.
Like any misunderstanding, there is some truth to this. Tennessee’s property division laws and other family laws apply equally no matter the couple’s net worth or household income. In any divorce, each spouse is entitled to their fair share of all marital property.
This does not mean, though, that high-asset divorces work just the same as any other divorce. Far from it, these types of divorce cases require special attention for many reasons:
- High net-worth couples have many and diverse assets. On a practical level, this means divorces will take more time and effort to sort out.
- Furthermore, many wealthier couples have assets that are unusual or hard to put a precise value on. To give one common example, a property interest in a family business may require a financial expert to value.
- High net-worth couples may have more complicated business and legal affairs in other aspects of their lives. This is important because these legal arrangements could affect what is or is not marital property. For example, a person may be able to keep outright what they receive by gift or inheritance.
- Additional income can affect how the court will handle child support and alimony.
- On a practical level, if people have more money, they also may be more likely to engage in litigation as a first step before trying to negotiate a friendly divorce. On the other hand, privacy may be a special concern for wealthier couples.
A Murfreesboro resident in a high-asset divorce should know their legal options
Murfreesboro residents who are facing a divorce and who have a lot of assets will need to understand their legal options. Not understanding options and alternatives could lead to mistakes that may negatively impact a person’s life after their divorce wraps up.