Smyrna High Asset Divorce Lawyer
High Asset Divorce Attorney In Smyrna, TN
Going through a divorce can be both emotionally and financially taxing—especially when significant assets are involved. Families living in Smyrna have worked hard to build their homes and businesses, and protecting what they’ve earned is vital. A Smyrna high asset divorce lawyer can help protect your property, investments, and finances according to Tennessee law as you finalize your divorce.
Hire a High Asset Divorce Lawyer
The thought of losing the assets you’ve worked hard to earn because of a contentious divorce can leave you feeling overwhelmed. Since 1975, Evans Bulloch Parker PLLC has represented Middle Tennessee clients in high asset divorces, helping to secure fair settlements. Our team is well-versed in family law matters and always strives to achieve your goals. With decades of experience in state and federal courts, we can achieve success through negotiations or litigation.
Divorce Rates in the United States
In the United States, the overall divorce rate has steadily declined, according to research conducted by the Pew Research Center. Peaking at 22.6 divorces per 1,000 married women in the 1980s, the divorce rate per 1,000 married women has fallen in 2023 to 14.4.
However, the divorce rate for older couples—known as gray divorce—has risen from 3.9 in 1990 to 10.3 in 2023. This actually represents an increase in divorces among those who have had more time to build their wealth and are more likely to experience a high asset divorce.
Regardless of divorce rates, financial loss remains a major concern. According to the same Pew data, the median household income for divorced individuals is $84,900. As a comparison, the average income for individuals who are still in their first marriage is $188,600. The difference in average net worth is even more stark—$98,700 for divorced individuals compared with $326,900 for those in their first marriage.
Challenges of a High Asset Divorce
Don’t navigate the challenges of a high asset divorce without the help of a skilled high asset divorce attorney. Your divorce in Smyrna, TN may be considered a high asset divorce if there is substantial wealth, business ownership, trusts, or other complex financial considerations involved.
To ensure proper marital asset distribution, a high asset divorce requires valuation procedures, strategic planning, and a comprehensive understanding of Tennessee divorce laws. As an equitable distribution state, Tennessee strives to divide assets equally between both spouses. Proper considerations need to be made for:
- Business valuation. An improper business valuation could greatly increase or decrease its perceived value to the court.
- Trusts. Depending on the specifics of the trust, it may or may not be considered marital property.
- Alimony. When high net worth assets are distributed between spouses, it can affect the need for ongoing spousal support.
- Prenuptial agreements. Reviewing the specifics of any prenuptial agreements can make distribution easier, or it could create openings for challenges in court.
- Additional considerations. Some assets may be more beneficial for one spouse over the other. There may also be tax implications based on how assets are distributed.
Contact Evans Bulloch Parker PLLC
When going through a high-asset divorce, hire a high asset divorce lawyer with the experience and fortitude to represent your interests. As the oldest firm in Murfreesboro, Evans Bulloch Parker PLLC has the experience you need. Contact us today to schedule your initial consultation.