Ending a marriage is generally a challenging process, but it may be especially complicated when there are significant financial assets involved. High-asset divorce often requires far more research, planning and negotiating before both parties are able to reach a settlement. High-asset individuals in Tennessee may have unique considerations when it comes to divorce.
Forbes states that there are several important lessons individuals may learn by researching high-profile, high-asset divorce cases. For example, it may be helpful for high-asset couples to agree on a story or joint statement they plan to use when telling family, friends or the public about their divorce. Proactively making a unified announcement may help deflect many negative emotions and outside influences. Many experts recommend approaching a high-asset divorce like a business negotiation, rather than an emotionally charged argument. Forbes also points out that high-asset couples may need specialists, such as a forensic accountant or a certified divorce financial analyst, throughout the divorce process.
According to FindLaw, one essential aspect of a high-asset divorce involves locating all the assets in question. While most individuals know about marital assets such as real estate properties, businesses and vehicles, there may be numerous other assets involved: inherited heirlooms, firearms, computers, artwork and jewelry. Usually, state laws govern asset division. Because Tennessee is not a community property state, assets owned by individuals before marriage may not count as marital property. In many high-asset divorce cases, both spouses take the time to list all the assets they know about, but they may also hire experts to search for unconventional or forgotten assets. It may be especially important for high-asset individuals to negotiate a divorce in private as much as possible to avoid giving the public knowledge of sensitive financial information.