If you are a Tennessee resident who is divorcing and who also has significant marital assets, you can expect your divorce to be a bit more complex than it would be if you and your spouse had just gotten married and had few assets.
Wealthy, long-married couples can rack up some significant joint assets, including:
- Rental properties
- Pensions and retirement benefits
- Stock options and restricted stock
- Brokerage accounts
- Deferred compensation
- Professional practices
- Business licenses
It's always better if the spouses can hash out who gets what between themselves, but the reality is that is often not possible. Many times, one or both spouses doesn't have an accurate idea of the true value of their assets.
This is why it's a good idea to seek a professional opinion on the valuation of certain assets. The current dollar value is often not the true basis for dividing marital assets. Some will be better suited for long-term gains while others can provide needed short-term fiscal security.
There may also be some contention over commingled assets that can turn separate property into jointly-owned marital property, or at least a percentage of it.
Mediation is often a good choice in a high-asset divorce. It keeps the couple's property settlement private and even if all issues do not get resolved via mediation, it can lower the costs of the inevitable litigation that sorts out the rest.
Are you struggling with the property settlement portion of a complex divorce? Seeking legal guidance can add clarity to muddled issues and provide structure for the division of your jointly-owned assets.