Generally, a high-asset divorce has many of the same considerations as a regular divorce. However, the overall valuation of assets and determination of tax implications are usually much more complex.
It may also require various forensic experts to define and value all marital assets. It could include determining whether or not certain accounts are separate or have been blended.
Know Your Assets
Divorce is difficult for most couples, but a high-asset divorce can be even more stressful because there are typically more assets to divide. An experienced Tampa divorce lawyer can help protect your finances and ensure a fair settlement. The first step will involve identifying all marital assets. It includes both assets owned by individual spouses and assets that are jointly held. It will also include determining the value of each asset and how it should be distributed.
It is essential to be as transparent and honest as possible when preparing a list of assets. A judge may reopen your case and reevaluate the division of property if you attempt to conceal assets from your spouse—document joint assets such as real estate, vehicles, and bank accounts. Taking the time to compile a list of your liabilities, including credit card debt and student loans, can be a proactive approach to effectively managing your finances. Additionally, it’s essential to document any mortgage payments made during your marriage to ensure a fair and constructive division of assets.
Know Your Liabilities
Divorces can be complex, especially when high-net-worth individuals with intricate financial portfolios are involved. In Florida, the equitable distribution system aims to fairly divide assets acquired during marriage by considering their marital property. It promotes a fair and constructive outcome by ensuring an equitable distribution of assets. Though this may seem daunting, it provides an appropriate approach to asset division during divorce proceedings. In these cases, it is vital to work with a high-asset divorce attorney with the resources to accurately value and analyze the various assets involved in your case.
In addition, a qualified lawyer will review all current liabilities to determine who is responsible for them as we advance. It includes shared credit cards, loans, and other debts incurred during the marriage. It is also a good idea to close any joint bank accounts and credit card accounts as you begin the divorce process to prevent your disgruntled spouse from taking control of them. Also, consider updating beneficiary designations on insurance policies and other documents to reflect your new solo status.
Know Your Rights
As with divorce, spousal support can become complicated in high-asset cases. The reason is that wealthier individuals may attempt to conceal assets or bank accounts from their spouses, which can impact alimony payments.
Additionally, a divorce lawyer can identify any inherited or gifted items that should remain solely in your possession.
If your spouse attempts to hide assets, they can conduct a diligent search by going to their last known address on social media sites and questioning their friends and family members. In addition, we have access to a network of resources and can assist in locating assets located overseas or outside the United States. As a result, they are well-equipped to handle all aspects of your high-net-worth divorce.
Know Your Options
A complex, high-asset divorce can be an emotionally and financially draining experience. Working with a proficient lawyer can help safeguard your rights and alleviate the burden of this challenging process.
The complexities of high-asset divorces often require specialists such as financial planners, forensic accountants, and valuation experts to help establish a complete picture of your assets. An experienced, complex, high-asset divorce lawyer can ensure your assets are correctly identified and preserved.
Florida operates under a principle of fair and equitable distribution, which can include retirement accounts such as an IRA or 401(k). While it is often desired to receive a 50/50 split of these types of assets, this is only sometimes possible depending on the circumstances of your case.
To preserve your rights to these assets, consider opening individual accounts and changing the beneficiary designations on life insurance policies or retirement accounts. Taking these precautions can help prevent your spouse from hiding assets or misreporting their value during the divorce process.