What Makes a High Net Worth Divorce Different in Tennessee?

Divorce is always a stressful issue, and it can have emotional, legal, and financial implications. No matter your financial status, there’s a strong chance your divorce will have a significant impact on your financial situation. This is especially true when it comes to high-asset individuals. Please continue reading and reach out to our experienced Memphis, Tennessee high net worth divorce lawyer to learn more about what makes these divorces different and how our legal team can help you fight for what’s rightfully yours. Here are some of the questions you may have about the legal process ahead:

What technically qualifies as a high net worth divorce?

To start, you should understand that if you or your spouse own at least $1 million in assets and are getting divorced, you’re in what’s considered a “high net worth divorce.” Though these divorces also involve more standard divorce-related issues, such as child support, spousal support, child custody, and more, they tend to become more complicated when it comes to equitable distribution. Essentially, courts in Tennessee will take stock of each important asset you and your spouse own, and from there, they will distribute these assets in a manner they consider fair and equitable. This does not mean “evenly,” however. You should also note that as a high-asset individual, you likely have several non-traditional or more complex assets that may require the intervention of third parties, such as forensic accountants, for the court to accurately assess their value before distributing them. This can include luxury vehicles, high-end jewelry, stock options, cryptocurrency, retirement accounts, and more. With so much at stake, it’s paramount that you retain competent legal representation at once.

What can I do to protect my assets from a divorce in Tennessee?

Fortunately, there are steps you can take to protect your assets from the pitfalls of a divorce. For example, if you’re not yet married, you may draft a prenuptial agreement. If you’re already married, you may draft a postnuptial agreement with your spouse. Both of these agreements are designed to outline exactly which spouse is entitled to which property in the event of a divorce. You may also outline future spousal support terms, among other things, as well. That said, if you haven’t drafted either of these documents and are about to get divorced, you’ll need to hire a Shelby County, Tennessee divorce lawyer who can help you fight for what’s rightfully yours. Rice Law is here to help. Just pick up the phone and give us a call.

CONTACT OUR EXPERIENCED TENNESSEE FIRM

If you require strong legal representation for matters of divorce and family law in Memphis or anywhere in Tennessee, contact Rice Law to schedule a consultation with one of our experienced attorneys today.