Springfield High Asset Divorce Lawyer

High Asset Divorce Attorney In Springfield, TN

Any divorce can be complex and straining, and this is especially true when couples have high-value and numerous assets. These divorces have unique complexities that require professional support to accurately divide assets, calculate fair spousal support, and assess how a standard of living affects decisions for children. A Springfield, TN high asset divorce lawyer can help you navigate a divorce case in court or in a collaborative divorce.

MBK Legal: Your Springfield High Asset Divorce Attorneys

The process of divorce includes separating and disentangling the assets and debts that you and your spouse obtained during your marriage, which is much harder when they are financially complex. At Mathis, Bates & Klinghard PLLC, our family law attorneys has spent collective decades helping those in high asset divorces navigate the process and protect their future.

The stakes in a high asset divorce are very high, and you need a legal team that understands the gravity of this situation. Our attorneys help you protect your financial interests and navigate the issues created in custody and child support cases because of high-value assets.

Our firm has professional connections and experience navigating local courts, including the 19th Judicial District Court serving Springfield and Robertson County. We pride ourselves on communicative and exceptional legal representation.

Understanding a High Asset Divorce in Springfield

High asset divorce refers to separations where spouses have accumulated significant assets, property, and wealth over the course of their marriage. There are over 900 households in the Nashville metro area earning $1 million each year or more. When couples in high asset marriages get divorced, the process has unique complications that are not present in other divorce cases.

While a high asset divorce affects several aspects of the divorce process, including child custody, child support, and spousal support, it has the biggest effect on property division. All of a couple’s assets and debts have to be inventoried, categorized as separate or marital, evaluated, and then divided. The more assets there are and the more complex these assets are, the longer this process can take. Professional support is crucial.

What Are Common Risks and Complexities in a High Asset Divorce Case?

High asset divorces tend to involve assets such as:

• Valuable real estate properties
• Retirement accounts
• Business ownership and interests
• High-value art, furniture, antiques, jewelry, and other items
• Trusts and inheritance assets
• Luxury properties and vehicles
• Investment portfolios and appreciation
• Offshore investments and assets

There are numerous unique challenges in high asset divorces when dealing with these assets and other aspects of divorce, including:

• Evaluating assets. All separate and marital assets have to be appraised, and many high-value assets are difficult to value. It can be complicated to complete this process, and it takes much more time than other divorces.
• Business ownership. 2.1% of employees in Springfield are self-employed in their own private business, which includes those who operate their own company. When one or both spouses own businesses, this can complicate the division of assets. When couples co-own a business, this can be especially contentious.
• Spousal support. Alimony awards may be awarded if one spouse has financial need, and the amount is based on factors such as the income of each spouse and their prior standard of living in the marriage. In high asset divorces, the amount awarded in alimony can be very high and is often contested.
• Hidden assets. Spouses in high asset divorces are more likely to try to hide assets, both separate and marital. This can affect how assets are divided and lead to one spouse receiving much less than their fair share. Divorce lawyers and forensic accountants are crucial in uncovering these assets.
• Prenuptial agreements. Spouses who entered into a marriage with high-value assets are more likely to have an existing prenuptial agreement. While these agreements can make the process of divorce easier when they are properly created, a poorly made agreement can add complications.
• Costs. High asset divorces take much longer and require additional professionals to assist. This includes divorce attorneys to protect your interests, forensic accountants to uncover hidden assets, professional appraisers to value assets, and others. Additionally, many professionals bill by the hour, making the process of a divorce more expensive.

FAQs

What Is the Average Cost of a High Asset Divorce Lawyer in Tennessee?

The average cost of a high asset divorce lawyer in Tennessee is likely to be higher than that of other divorce lawyers for many reasons. Higher fees are common in high asset divorces because these cases are much more complicated. More resources are needed, such as a forensic accountant and professional evaluators.

What Is a Wife Entitled to in Divorce in Tennessee?

In a Tennessee divorce, both spouses are entitled to the same things, which include an equitable position of marital property and the right to request spousal support. There are many factors that determine what is considered an equitable split of assets, and a wife may end up with a higher, lower, or equal portion of these assets. Spousal support is also awarded based on many factors, and is not always awarded in a divorce.

Who Has to Leave the House in a Divorce in Tennessee?

During a divorce in Tennessee, marital property is divided between spouses equally, and this will almost always include the house. Because both spouses have equal claim to the house, there are many ways the situation can be handled. The court will make this decision if you and your spouse do not. You may sell the house and split the profits, or one party may keep the home and the other party receives more of the other marital assets.

Why Do I Need to Hire a High Asset Divorce Lawyer in Tennessee?

If you hire a high asset divorce lawyer in Tennessee, they can help you protect your financial interests, and it also helps the process of evaluating and dividing marital assets and debt to go much more quickly. In these divorces, there are many assets to categorize and value, and attorneys have significant resources to make that process smooth. An attorney can also help navigate a prenuptial agreement, hidden assets, business ownership, and other complexities.

Contact MBK Legal Today – Springfield High Asset Divorce Attorneys

When you need dedicated and experienced legal representation for your Springfield high asset divorce, reach out to Mathis, Bates & Klinghard PLLC today.