Common Issues in High-Asset Divorce Cases

All divorce cases in Florida are unique with their own distinct issues. Some divorce cases are relatively quick and affordable, such as when the couple getting a divorce has few assets and they agree to all terms of the case. In other cases, however, numerous common issues arise, particularly when a couple has substantial assets. Below, our Tampa high net worth divorce attorney explains what these are.

Increased Cost 

In nearly all cases, divorces involving high assets will cost more than other types of divorce cases. This is due to the high value of the marital assets and the amount of income and other money involved. High asset divorce cases typically involve business assets, multiple real estate properties, and more. A high net worth divorce attorney can ensure you receive your fair share of marital property and reduce your stress as much as possible.

More Time Involved

Due to the substantial amount and value of the property involved, it can take time to accurately value the property. It is important to remember that when going into a high-asset divorce, patience is imperative. If you try to rush the process, it could result in you relinquishing property to which you are entitled.

Organizing Finances is Critical

It is important to ensure that your finances are managed and organized before any divorce case proceedings. This is particularly true in high asset divorce cases. Your financial documents will be scrutinized by the court; therefore, it is essential to ensure they are in order well in advance. Many people find it difficult to organize all of their financial documents, particularly when there are so many, as is typical in high-asset divorce cases. Being organized at the beginning of your case will demonstrate to the judge that you are honest and responsible, which can make you appear more favorable throughout the entire process.

Tax Implications

Any type of divorce can have tax implications. You may have to pay taxes on marital property, such as real estate or retirement accounts, and these can be significant. There are several strategies that can minimize the tax implications of a high-asset divorce. A high net worth divorce attorney can advise you of your options and help you choose the one that will have minimal impact.

Separate Property vs. Marital Property

Property division is often challenging in many divorce cases, but it becomes particularly complex when significant assets are involved. Marital property refers to any property acquired by the couple during the marriage while separate property refers to property brought into the marriage by one spouse before they were married. Many spouses commingle their assets, which can result in the conversion of separate property into marital property.

Our High Net Worth Divorce Attorney in Tampa Can Help

The issues to resolve in high asset divorce cases are many and they are all very complex. At Florida Law Advisers, P.A., our Tampa high net worth divorce attorney can provide the legal advice you need to make informed decisions and obtain the best outcome possible. Call us now at 1 (800) 990-7763 or contact us online to request a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html