Protecting Your Assets During a High-Asset Contested Divorce
Everyone has something to lose in any divorce case. However, for spouses involved in a high-asset divorce, the stakes are much higher. In Florida, property division is governed by equitable distribution laws. This means assets are divided based on fairness, which might not always result in an equal split. Therefore, it is essential to protect your interests to ensure you receive a fair settlement.
Protecting your assets involves much more than just safeguarding what you own. It also ensures financial stability for the future. Property division can affect everything from your daily life to your retirement plans. Below, our Tampa Bay high net worth divorce attorney explains how to protect your assets in these contested cases.
Work with a Financial Advisor
In a high-asset divorce, it is highly recommended that you work with a financial advisor. It is also recommended that you work with an advisor who has experience with high-asset divorce cases. A financial advisor can help you better understand your full financial picture, identify all assets, including any your spouse may have hidden, and determine accurate valuations. An advisor can also ensure that you understand how any proposed plan for asset division will impact you over the long term.
Identify and Value All Assets
The property in high-asset divorce cases can be diverse, ranging from real estate to businesses, retirement accounts, investments, and valuable collectibles. It is critical to identify all marital property, and to ensure it is properly valued. This often requires the help of experts such as business valuation specialists or real estate appraisers. Without a full understanding of all owned property and its value, it is impossible to protect it.
Understand the Equitable Distribution Law in Florida
The equitable distribution laws in Florida can be complex, but in simple terms, they require that marital property is divided fairly and justly. This does not necessarily mean an equal split, but rather a fair division. Many factors influence how marital property is divided, including each party’s financial situation, the length of the marriage, and the contributions each spouse made. When navigating a high-asset divorce in Florida, it is essential to understand the principles of equitable distribution laws.
Consider Tax Implications
High-asset divorce cases usually involve significant tax consequences. Transferring property, dividing retirement accounts, and handling federal capital gains taxes are just a few factors to consider. It’s crucial to consult a tax professional who understands these implications so you can plan accordingly.
Hire an Experienced High Net Worth Divorce Attorney in Tampa Bay
Consult a Tampa Bay high net worth divorce attorney with expertise in high-asset cases. At Florida Law Advisers, P.A., our seasoned lawyer recognizes the complexities involved and employs strategies to secure the best results for you. Call us today at 1 (800) 990-7763 or reach out online to schedule your consultation and receive the legal assistance you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/0061.html
