Divorce is often a very difficult process to have to go through and can be considerably more complicated for people with a considerable amount of assets in their name. A high net worth divorce often comes with disagreements, disputes, and even heated arguments, particularly with regards to the division of property.
If you are a high net worth individual, you must never hesitate to retain legal representation during this time. While you might believe that you and your spouse are capable of working out an amicable agreement for both of you, it’s still important to ensure that your best interests are always cared for throughout the divorce.
That’s where an experienced Franklin high net-worth divorce lawyer comes in. At Durak Law, we have years of experience working with divorces with high net-worth individuals and protecting the their assets and rights.
Call our divorce lawyers today at (615) 812-2829 if you are involved in a high net worth divorce to discuss your options.
Roles and Responsibilities of a Franklin High Net-Worth Divorce Lawyer
A Franklin high net-worth divorce lawyer plays a very important role and stands out from a general divorce attorney in the following ways:
- Understands Tennessee-specific laws governing high-asset divorces: A high net-worth divorce usually involves complex legal issues. A Franklin high net-worth lawyer will explain the law to you in a way you can understand and will keep you updated on any changes likely to affect your case.
- Protects your interests: A high net-worth lawyer can be both stressful and emotional. A good Franklin high net-worth lawyer understands this and will always be on your side and fight for what you deserve.
- Determining the value of assets, investments, and property: To ensure fair division of assets in a high net-worth divorce, it’s important to first determine their value, which can be a complex process. A high net-worth lawyer is experienced in navigating complex financial structures and evaluating property, investments, and businesses for divorce cases.
Comprehensive Guide to the High-Asset Divorce Process and Property Division in Tennessee
Due to the substantial assets involved in high-asset divorces in Tennessee, there are often unique financial, legal, and emotional complexities. The following is a breakdown of the high-asset divorce process in Tennessee:
Initial Consultation and Financial Disclosures
The process starts with consulting the experienced Franklin high net-worth divorce lawyers at Durak Law. Our legal team is familiar with high-asset divorce cases and can address complex issues such as trust interests, business valuations, and tax strategies.
Identification of Marital vs. Separate Property
Equitable distribution is used in Tennessee, which involves dividing the property fairly but not necessarily equally. The courts have to first classify assets as either marital or separate before dividing property.
Negotiation or Litigation to Reach a Settlement
High-asset divorces in Tennessee usually start with negotiations to avoid litigation. Mediation allows the divorcing couple to have some control over the outcome and reach a mutually agreeable settlement. If the parties are unable to reach an agreement, the case proceeds to litigation.
How to Determine if You Need a High Net-Worth Divorce Attorney for Complex Asset Division
A high net-worth divorce involves the division of significant assets, which can make the process far more complex than a standard divorce. Hiring a specialized high net-worth divorce lawyer can ensure that all assets are properly identified, valued, and divided fairly.
Here are some key indicators that you need a Franklin high net-worth divorce lawyer:
- You have substantial and diverse assets that require precise valuation
- You own a business or professional practice
- You have concerns about fraud or hidden assets
- You have commingled assets with your spouse
- You have disputes over separate property
- You have a pre- or post-nuptial agreement
- You have significant retirement accounts and investments
If your divorce involves complex financial matters such as hidden assets, high-value investments, or even business ownership, it’s absolutely crucial to hire a high net-worth divorce lawyer such as those at Durak Law in Franklin, TN.
Our Franklin high net-worth divorce lawyers will bring expertise in asset identification, valuation, as well as legal strategy to ensure that your financial interests are always protected. They will ensure fair and sustainable resolutions since they have intimate knowledge of Tennessee’s laws applicable to divorce.
Key Issues and Assets at Risk in a High Net-Worth Divorce Case
High net-worth divorce cases come with their own set of challenges, which include:
- Asset Valuation: It can sometimes be very complicated and contentious to determine the value of various assets.
- Business Interests: If one or both of the divorcing spouses owns businesses, it can be difficult to divide these interests.
- Property Division: A significant issue arising in high net-worth divorce cases is deciding who gets what, especially with valuable properties.
- Spousal Support: High net-worth divorces usually involve substantial payments that can be heavily contested.
- Hidden Assets: In some instances, one spouse may try hiding assets to prevent them from being divided in the divorce.
The assets that are often at risk in a high net-worth divorce include:
- Vehicles and luxury items such as airplanes, yachts, and cars.
- Investment portfolios including bonds, stocks, mutual funds, and other securities
- Art collections, antiques, as well as various other collectibles
- Assets held in trusts and inherited estates
- High-value jewelry, watches, as well as other precious items.
How Durak Law Assists in Complex High Net-Worth Divorce Cases
Navigating a complex high net-worth divorce requires experienced legal counsel such as that provided by Durak Law in Franklin, TN. Here are some of the ways our law firm and our Franklin high net-worth divorce lawyers assists in complex high net-worth divorce cases:
Helping You Navigate the Divorce Process
A high net-worth divorce can be both lengthy and complicated. Fortunately, our Franklin high net-worth divorce lawyers are familiar with the ins and outs of divorce law and can help you navigate the process since they have already successfully handled similar divorces and know what to expect.
Comprehensive Asset Identification and Valuation
Our Franklin high net-worth divorce lawyers ensure that all assets that are subject to the divorce are not only accounted for but also accurately valued. To do this, they collaborate with various professionals such as appraisers, forensic accountants, and financial experts.
Negotiating on Your Behalf
In high net-worth divorces, there’s usually a lot at stake. Luckily, our Franklin high net-worth divorce lawyers are skilled negotiators and will advocate for your best interests. Furthermore, we aren’t afraid to take your case to trial in case settlement negotiations fail.
Accurately Identifying and Valuing Assets in High Net-Worth Divorce Cases
High net-worth divorce cases can be complex and require meticulous identification and valuation of assets to ensure fair distribution. Equitable distribution principles apply in Tennessee and correctly distinguishing marital from separate property is key to achieving a fair resolution.
In high net-worth cases, both separate and marital property must be evaluated carefully. Marital property includes anything acquired during the marriage while separate property includes assets owned before the marriage or received as inheritance or gifts.
The strategies used to identify assets in high net-worth divorce cases include formal discovery requests, forensic accounting, tracing separate and commingled property, and engagement of various valuation experts.
Expert Asset Valuation Strategies in High Net-Worth Divorce Proceedings
High net-worth divorces usually involve complex assets and it’s important to ensure that they are valued accurately to avoid unfair settlements or hidden wealth. The following are some of the most effective valuation strategies that our Franklin high net-worth divorce lawyers can help you to determine.
Techniques for the Accurate Valuation of High Net-Worth Assets
- Real Estate Appraisals: High net-worth individuals usually own multiple real estate properties including primary residences, rental properties, vacation homes, etc.
Approaches used include market approach, cost approach, and income approach. - Business valuations: Accurate valuation is essential for high net-worth individuals with ownership stakes in businesses. Approaches used include: asset-based approach, market-based approach, and income-based approach.
- Investment Portfolio Analysis: Investment portfolios of high net-worth individuals usually include mutual funds, stocks, private equity, bonds, and hedge funds that can be complex to divide. Valuation approaches used include: discounted or future value assessments, fair market value, and restricted stocks and stock options.
- Retirement Fund Valuations: Retirement assets such as pensions, IRAs, 401(k)s, and deferred compensation plans can represent a significant portion of the marital estate of the divorcing high net-worth couple. Valuation and division approaches used include: Qualified Domestic Relations Orders (QRDOs), defined benefit plans (pension), and defined contribution plans.
Avoid Emotionally Charged Decisions
Emotionally charged decisions should generally be avoided when it comes to navigating high-stakes divorce proceedings. The best thing you can do when dealing with a high-asset divorce case in Tennessee is to hire an experienced lawyer such as those at Durak Law.
Our experienced Franklin high net-worth divorce lawyers can help you keep your emotions in check and instead focus on your long-term financial security. They can also help you avoid common mistakes such as overvaluing short-term gains or underestimating future expenses.
Our Franklin High Net-Worth Divorce Lawyers Can Help You Navigate a High-Asset Divorce
High-asset divorces in Tennessee usually have their own challenges and complexities. The path to resolution might be difficult, but having a dedicated legal advocate on your side can influence your future in a major way.
At Durak Law in Franklin, TN, our high net-worth divorce lawyers specialize in negotiating complicated cases, ensuring that everything is handled with a lot of care and professionalism. Call us today at (615) 812-2829 to schedule a consultation with a high-asset divorce lawyer.
