Murfreesboro High Asset Divorce Lawyer

Going through a divorce can take an emotional and physical toll and can also affect your finances. Whether you are a retiree in Crescent Ridge or a young professional living in Windsong Farms, it is crucial that you protect what you have worked so hard to build from the damage a divorce can cause. The stakes are high in these divorce cases, and you need the support, guidance, and protection of an experienced Murfreesboro high asset divorce lawyer.

Trust Boss Law With Your High-Asset Divorce

Since 2004, Boss Law has been a leader in family law cases throughout the greater Nashville area. Whatever your divorce case might involve, we have your back, and you do not need to face this difficult time on your own. The wealth you now enjoy may have taken decades to build through hard and strenuous work, and this wealth deserves to be protected. As fluent Spanish speakers, our team is here to help individuals from all walks of life.

We have experience handling cases at both the Chancery Court and in the Circuit Court of Rutherford County, located at the Rutherford County Judicial Complex in the Public Square in Murfreesboro. We know how the judges operate and can use this knowledge to benefit your case. Let our award-winning service speak for itself, and let us fight to protect all that you have worked hard to build. You deserve a legal champion, and we are here to be just that.

Common Types of High-Value Assets

High asset divorces are typically defined as divorce cases where the couple owns at least one million dollars’ worth of assets jointly. In Murfreesboro, where the average home sells for a median price of $435,000, it is not hard for couples to reach the definition of being regarded as high assets.

Tennessee operates under the rule of equitable distribution of marital property in a divorce. While this does not necessarily mean everything will be split in an even, 50/50 manner, the judge will try to ensure the split is fair and equitable to each spouse. In order to ensure that an equitable distribution does take place, the couple will need to review and document all of their shared assets, including:

• Business assets. When a couple owns a business, or one of the spouses created a business during the marriage, these are considered to be marital assets and therefore, subject to the laws of equitable distribution. This can include all commercial property, company vehicles, equipment related to the business, related IP, and any office furniture or fixtures.
• Retirement accounts. 83% of all adults who have an annual household income of at least $100,000 also have a retirement savings plan. Any IRA, 401(k), or other retirement account that was earned during the marriage is considered to be shared or marital property and subject to division. If a retirement account was set up prior to a marriage, it may be considered separate, unless any interests or gains were accumulated during the marriage.
• Pensions. In Tennessee, any pension benefits that were earned during a marriage are considered to be shared assets and therefore are subject to division. If one of the parties earned large pension benefits prior to the marriage, the courts can compare the duration of the marriage to their years of employment in order to ensure equitable distribution takes place.
• Investments. Investments made during the marriage or those that have gained value during the marriage are subject to division in a divorce. The courts will estimate the value of these investments by looking at both the possible future value after appreciation and the current value of what you hold. However, it is important to keep in mind that this valuation can be complicated when investments involve licenses or business shares.
• Multiple homes or properties. If real estate is gained during marriage, these properties will be divided between the couple. Couples with high levels of wealth can typically accumulate properties such as a family home, vacation homes, timeshares, commercial properties, and rental properties, which generate an income.
• Vehicle collections. When either spouse acquires cars, boats, or other vehicles during the marriage, these vehicles are subject to division. Tennessee is a popular state to collect highly valued vehicles, and during a divorce, all vehicles should be reviewed and catalogued appropriately so they can be evenly divided between the couple.
• Other valuable collections. Individuals with high levels of wealth might also be collectors of fine artwork and jewelry. These items should all be valued during a divorce in order to ensure a fair and equitable distribution takes place.
• Offshore accounts. If either spouse owns any offshore accounts, this can add a layer of difficulty to the case. International tax and property laws can present certain challenges that should only be handled by an experienced and trustworthy attorney.

Unique Considerations in a Murfreesboro High-Asset Divorce

High asset divorce cases present several unique challenges. Couples with large amounts of wealth usually find themselves concerned about having to publicly disclose their financial information in a courtroom. Your attorney may be able to ask that the judge seal all financial records and ensure confidentiality is maintained.

There are also certain tax implications that can arise in a high-asset divorce. Certain tax consequences might be triggered if the sale, transfer, or property is not done in the correct manner. For these reasons, hiring an attorney to help ensure everything is done by the book and in a way that protects you is vital.

Hire a High Asset Divorce Lawyer Today

Separating from your spouse is never easy and can involve an exhausting and difficult legal process. This is especially the case in situations of high wealth. Dividing large amounts of wealth or assets can present challenges, which is why you need to hire a high-asset divorce lawyer as soon as possible. At Boss Law, our team is dedicated to protecting you, your rights, and your hard-earned property. Contact our offices today to set up your free consultation.