To a certain degree, all divorces in Tennessee follow the same general template. The same laws apply regardless of what careers spouses pursued or how long they stayed married. The same standards for property division, child custody matters and financial support govern all divorces filed in Tennessee.
Despite the universal applicability of Tennessee divorce code, some divorces are markedly different than others. High-asset divorces tend to be among the most challenging and contested divorces pursued in the state. What separates high-asset divorces from divorces where couples have fewer resources?
More property division disputes
The first and most glaring issue that separates a high-asset divorce from a typical divorce is the value of the marital estate. Many people struggle to agree on what would be fair or equitable for the purposes of property division when they divorce. The more assets couples have acquired during their marriage and the more income the spouses earned, the greater the likelihood that they may find themselves fighting intensely over property division matters. Spouses may disagree about what assets are in the marital state, what their fair market value is and how to divide them in a fair manner.
More incentive for misconduct
Sometimes, one spouse wants to hide assets from the other the outcome of property division proceedings. Other times, one spouse dissipates or wastes marital property for the same reason. The higher the overall value of the marital estate, the more reason one spouse may have to engage in intentional financial misconduct during the divorce.
More reason for support issues
The standard of living during the marriage can play a role in support matters after a divorce. Both child support and spousal support or alimony can differ depending on the standard of living enjoyed during the marital relationship. Additionally, when one spouse achieves career success, the family may be more likely to embrace an arrangement where the other spouse stays home to take care of their shared children. There may be disagreements about spousal support, including how long payments should last and how much support would be fair given the marital circumstances.
Recognizing that there are unique challenges inherent in a high-asset divorce may help people better prepare to navigate those complexities. Seeking legal guidance is a good way to get started in a personalized fashion.