If you are involved in a high net worth divorce, usually defined as liquid assets of $1 million or more, you need to ensure that you have the proper legal backing as there is a lot of assets at stake. At HRC Law Firm, our Family Law attorneys and divorce attorneys work with our clients throughout the entire process to help educate, prepare and defend them to go up against a potentially very difficult situation. Divorce is not an easy process and it only gets more complicated for high net worth individuals. With more at stake, there are more issues to contest and energy spent on protecting your best interests.

We wanted to define some characteristics that typically define high net worth divorce cases.

• Complex/high value assets: High net worth couples typically own small businesses, professional firms, real estate holdings, and/or investment portfolios. Planning for a high net worth divorce entails detailed financial and accounting work, and a full and accurate inventory of what you and your spouse own. You need to gather all information relating to the assets, liabilities, and income of the estate. There is always a chance your spouse may be hiding extra assets or understating the value of items like artwork or business property.
• Separate property may not be divided during divorce: Assets owned, inherited, or received as a gift before marriage typically are not divided during a divorce, except for the increase in value of such assets during the marriage. You need an accurate history of separate property to keep it from being categorized as shared.
• It may include using experts to value assets: Your property must be accurately valued for you both to agree that a settlement is fair. Financial experts often need to be brought in to value the estate accurately. If necessary, a forensic accountant can help locate all relevant assets for appraisement. An appraiser assesses values for things like real estate, jewelry, art, antiques and so forth. Experts can help determine an accurate value of your estate.
• New tax liabilities and consequences: The settlement process may involve new financial transactions with notable tax consequences. High net worth divorces involve property transfers, asset liquidation, and possibly alimony, which can change your tax liabilities. Property or businesses in other states and countries also pose new legal and financial challenges in a divorce settlement.
• Length of your marriage makes a difference in how assets are divided: In a divorce, the law indicates that assets shall be divided in a fair and equitable manner. The length of your marriage is a factor to be considered in the division.

With all of the details to consider in a high net worth divorce case, you want to ensure you have the right legal team. Call HRC Law Firm today to ensure you have the appropriate family law attorney helping to defend you and your assets. Give us a call or fill out our online form to request a consultation.

 

615-848-9090

About HRC Law Firm

Henderson, Raque, and Cain is a law firm in Murfreesboro, TN dedicated to the rights of our clients. Our experienced attorneys are specialize in specific areas of law to ensure you get the representation you deserve for your situation. Whether you are facing DUI charges, need a divorce attorney, would like to file a workers’ compensation or personal injury claim, you can find the experienced, dedicated legal help you deserve with our Murfreesboro attorneys. We have represented clients throughout Rutherford County in state and federal courts for decades, providing professional service with integrity. Our law firm is built on experience, dedication to quality, and proven legal insight.

We are ready to listen to you about your personal injury, family law, or criminal defense case, ready to understand your circumstances, needs, and goals. At every step, you can rely on us to be approachable, responsive, and efficient, communicating with you throughout your case to keep you informed of your rights and what to expect in your case. We understand that your rights, your financial well-being, and your future could all be at stake. Our Murfreesboro law firm is dedicated to getting you results.