For some Tennessee couples who decide to divorce, one of the major decisions that they need to make involves business and other complex assets that the husband and wife own together. At the end of a marriage, the parties must divide their marital property, including whatever complex assets and business assets they may own together.
It often happens that one spouse takes over the responsibility of a family-owned business. In such a case, it may become difficult for the other spouse to be fully aware of the actual financial situation of the business. Therefore, determining the fair and equitable share of the business assets for the other spouse may sometimes be difficult.
During the process of asset division during divorce, matters can become challenging for couples as well as for the court because people often mix personal and business assets in order to conceal assets from a separating spouse. Inflating the price of the business is also not uncommon. One spouse may open an investment account or bank account and those accounts may be funded by revenue generated from the family business, thus diluting the clear distinction between marital property and personal property.
In addition to business assets, a divorce also requires that some important decisions be made regarding the division of some of the complex assets that a couple may hold. These assets can include stock options, pension plans or military retirement benefits. To ensure that the assets are distributed equitably, a thorough valuation is necessary and, therefore, the expertise of a valuation expert and a certified public accountant may be tremendously helpful. Expert analysis can also help identify any hidden assets that a separating spouse may have. For more information, please visit our property division page.