Franklin High-Asset Divorce Attorney
When you think of a high-asset divorce, you may think of a bank account with millions of dollars in it. While that could be true, a high-asset divorce may encompass many types of assets—not just money. High asset just means that the assets have a high valuation. High-asset divorces can be complicated. Get the best outcome possible by hiring a skilled Franklin High-asset divorce attorney to guide you through the process.
It’s possible to be property rich but cash poor. The property at stake may be real estate, businesses, stocks, bonds, and other financial assets that can be hard to value.
Another thing to consider is that a high-asset divorce can be when one spouse is worth much more than the other spouse. This may happen in the case of celebrity marriages or it could be due to investments, businesses, and inheritances. However, it is illegal to hide assets to make it so they are not subject to split in a divorce. The process of discovery can help locate all these assets.
As a result, a high-asset divorce can be highly contentious if there is a huge disparity of assets involved. It will likely lead to arguments based on who gets what and what is fair based on the circumstances. This is especially true if most of the wealth was accumulated during the marriage.
What to Know About High-Asset Divorce
A high-asset divorce is different from a regular type of divorce. Here are some things you should know:
- Get an experienced attorney. Ideally, you need to find someone who has handled high-asset divorces in the past. Don’t settle for someone with the wrong type of experience. Find someone who knows how to negotiate. Otherwise, you’ll pay for a lack of experience.
- Be realistic. Know the laws that apply before setting your expectations. If you are the high earner, expect to split up a lot of your money and pay alimony. If you are the dependent spouse, then don’t assume you won’t get anything. Being informed about the law will help you be realistic.
- Build trust with your spouse. You can streamline the process by building trust with your spouse rather than seeking revenge. When you can address common interests, it becomes beneficial for both parties. The biggest benefit is that you can streamline the process.
- Think outside the box. High-asset divorces often involves assets that are hard to split, such as businesses and real estate. Plus, some financial options, such as stocks and retirement plans, cannot be transferred. It may be wise to consult with a financial advisor to help determine how assets can be split as well as creative ways to divide assets in such a divorce.
Contact Us Today
The trusted and highly skilled law firm of Beal, Nations & Crutcher can help you handle a high-asset divorce. We’ll help you make the right decisions and find ways to settle. Schedule a consultation today by calling (615) 861-2304.