Divorce in Tennessee can be complicated for couples older than age 50, especially if the marriage has a high net worth. Dividing assets can be particularly harmful to your financial health later in life, so how do you get through it? Enlisting the help of a financial advisor could be the answer.
What makes a gray divorce so complex?
Since 1990, the number of gray divorce cases has doubled and is expected to triple by 2030. High-net-worth divorces are especially complex because many couples find themselves in complicated financial situations due to unconventional assets that can be difficult to value and divide. Among the assets that can be difficult to value are:
- Businesses
- Stock options
- Real estate
- Artwork
- Jewelry
Complicating matters even more are prenuptial and postnuptial agreements that often are left to broad interpretation. Enlisting the help of a financial advisor once you and your spouse have agreed to a divorce can help you make sense of what you face and make sound decisions regarding the division of your assets. In divorce negotiations, financial advisors can provide a non-judgmental and neutral voice that will help you evaluate different proposed settlements.
Property division issues
Property division negotiations in high-net-worth divorces are frequently contentious. Both sides need to assign a value to what is important to them and find a way to equitably split the assets.
Dividing investments and savings is often relatively straightforward. However, determining who keeps the house is usually not so simple. The same goes for other types of real estate. Working with a financial advisor will help shed light on which assets you should keep and which assets are more prudent to sell. In some cases, selling jointly owned property will better serve your future income and keep you financially comfortable.