Divorce can be an overwhelming process with a lot at stake. However, more is at stake if you are going through a high net-worth divorce. A high net worth divorce can only happen if both parties or one spouse have assets over one million dollars. Typically, these types of divorces come with unique challenges that can make the divorce process more complex. If you are a high net individual where divorce is imminent, contact an experienced Memphis, Tennessee High Net Worth Divorce Lawyer who can help you navigate this intricate legal process. We have experience representing high-net individuals and are dedicated to ensuring your assets are fairly divided.
How can I protect my assets in a high net-worth divorce in Tennessee?
When high-net individuals get married, there are certain precautions they should take to protect their assets. Individuals can create a prenuptial agreement that will ensure their assets are protected if the marriage does not work out. They can also create a postnuptial agreement, which is created during the marriage instead of before. These types of legal agreements can help safeguard your assets if your marriage fails. Certain individuals neglect to protect their assets because they do not believe they will ever have to split them during a divorce. Unfortunately, not all marriages last, high net individuals should take the necessary provisions to ensure their assets are protected if their marriage ends.
What assets can be included in this type of divorce?
When a married couple goes through the divorce process they will have to assess and divide their marital assets. In a high net worth divorce, there are a lot more assets at stake than in a typical divorce. A high net worth divorce may include the division of these assets:
- business ownership and partnerships
- real estate
- retirement accounts
- 401 (k)
- cars and other vehicles
These high-valued assets can all be included when separating marital assets. However, certain assets are not included when dividing assets.
What assets are not included when dividing marital assets?
Although many assets can be included in a high net worth divorce, certain assets are off-limits. A trust or trust fund that was created before the marriage is untouchable. As well as any real estate that was bought before the marriage. Any belongings that were gifted or inheritances are also off the table. However, if there was a prenuptial or postnuptial agreement these assets could turn into marital property. If they are turned into marital property, they may be split between both parties.
If you are a high-net individual going through the divorce process, our firm of remarkable lawyers can help ensure your hard-earned assets are protected. It is important to work with lawyers who understand the intricate process and complicated aspects of a high net worth divorce. We are committed to representing your best interest and ensuring favorable results.