Divorce can be emotionally challenging for most Tennessee couples. However, there are a few things that can make divorce even more complicated.
Generally, the more money there is between the couple, the more complicated the divorce will be. The complexities are compounded if the couple has been together for a longer period of time.
Couples who have built up their wealth together over a number of years are more likely to have joint accounts and assets that are worth a lot more money. They’re also more likely to have investment accounts, which can be much harder to split up.
Finding all of the assets
For any divorce, you’ll want to make sure that all of the assets are accounted for. This includes larger assets – like houses, cars and boats – as well as smaller items of value. Smaller items might include things like jewelry, hobby collections, memorabilia and other items.
Marital property versus individual property
Most things purchased during the marriage are considered joint property. A case could be made for an asset being individual property if it was purchased during the marriage with funds that the other spouse didn’t have access to.
You also might be able to argue for an asset being individual property if the other spouse didn’t use the item at all, or it was purchased with the intent to only be used by you. However, if it appreciates in value or can be considered earned income or an investment, it might be considered community property.
Ensuring your privacy
During a divorce, all of your finances are out there for the court to see – and most court records can be considered public information. Couples going through a high-asset divorce might look into getting the documents sealed in court, which means that only people who are involved in the case can see those documents.