Some cases are commonly referred to as High-Net Worth divorce or High-Asset divorce due to the amount of money at issue in the case, or involve public figures, such as, Celebrities, Professional Athletes or Politicians. You should be comforted to know the law itself will not be applied differently to your divorce just because your case falls into this category. Also, the information presented throughout this site is still relevant and applicable. That being said, the purpose of the following is to discuss some of things unique to high-net worth divorce cases.

 

• Privacy Concerns.

In divorces involving High-Net worth, and especially Celebrity divorce, there is an increased level of concern over privacy. Litigating your most personal and private affairs in a public forum is uncomfortable for everyone and this is especially true for public figures.

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As a public figure, a divorce can reveal things damaging to your public image and your competition will exploit it. Most people in this category have worked hard to develop a certain public image and want to take the steps necessary to preserve it.

 

It is critical for either spouse contemplating a divorce involving a public figure to contact a divorce attorney immediately to help in the planning process and to assist in ways of keeping your private affairs private. Damaging a public figure's image might damage their ability to earn income or obtain lucrative business opportunities, which is bad for both spouses.

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• Investigations and Planning.

High-Net worth divorce cases will often times include investigations and planning prior to the filing of a divorce action. To divorce or not divorce is a decision that will affect every aspect of your life and future, for better or worse. For those of you with significant financial exposure, it is not uncommon for you to keep your intention to divorce private while you have someone conduct an investigation into your grounds for divorce and into your financial assets and liabilities.

 

Investigators are often hired to inquire into personal affairs. You might find it advantageous for an investigator to confirm or deny any suspicions of nefarious activities, such as infidelity, prior to making the decision to divorce.

 

It is also important to learn as much as possible about your financial assets and liabilities. Many spouses are kept in the dark about financial affairs. You may have access to information and documents prior to filing that will be more difficult to access after filing for divorce.

 

Once you have concluded your investigations, it is very common to begin structuring the distribution of assets in a manner that will yield the retention of as much marital property as possible or feasible. This begins by properly identifying separate property and marital property early in the process. Ideally, this should occur prior to filing your divorce action because your ability to structure your assets and liabilities is hindered by the filing of a divorce action.

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It is not uncommon to begin meeting and consulting with those anticipating a high-net worth divorce much earlier in the decision-making process, sometimes years prior to filing for divorce.

 

• Reconciliation.

Attempting a reconciliation is more likely to be considered in high-net worth divorce cases. The financial ramifications of divorce for both spouses are so considerable that both parties are often times willing to entertain ways to make it work. When there is a lot of money and assets involved, the ramifications of divorce are compounded to such an extent some couples decide their reasons to pursue divorce are not insurmountable. Regardless of income and assets, this reconciliation scenario is frequently seen in cases with minor children too. Money and children are often times the “ties that bind.”

 

• All or Nothing negotiations.

There are fewer successfully negotiated Hard Bargains and Ultimatums when there is a lot of money at stake.

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• Hidden Assets.

For whatever reason, there seems to be a belief there is a greater likelihood of hidden assets in high-net worth divorce cases. I do not believe this is true. I believe there is a strong likelihood of hidden assets in every case where there is something worth hiding. There is no shortage of attempts to conceal assets in divorce and many attempts are discovered by routine investigations into your financial affairs.

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You must caution yourself, however, because it is very difficult to prove a negative. In other words, if all you have is a mere suspicion there are hidden assets, you might find yourself spending an extraordinary amount of money trying to find it and there may not be a pot of gold at the other end.

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For more information concerning High Asset and High-net worth divorces in Tennessee, contact us and schedule a consultation. We are here to help navigate you through the High Asset and High-net worth divorce process.