Tampa Complex Divorce Attorney
Divorce cases are rarely simple. Ending a marriage comes with a host of emotions and the actual process can quickly drain a person’s finances. When one or both parties has significant assets or a high net worth, the process becomes even more complicated. Complex divorces typically involve more property that must be divided, and more to lose or gain for the people involved.
For this reason, it is critical that you are properly prepared so you can obtain the best possible outcome. Below, our Tampa complex divorce attorney outlines the different terms of divorce, and how high net worth or substantial assets can impact them.
Identifying Marital Assets
In all Florida divorces, all marital property is subject to property division. Marital property includes assets and liabilities acquired by the couple during the marriage. Under state law, marital property is divided fairly, which does not necessarily mean equally. Separate property includes anything a person owned prior to the marriage.
In complex divorce cases, it is not uncommon for separate property to be commingled with marital property. For example, if one spouse received an inheritance and placed it into a joint bank account, that commingles separate and marital property. In these instances, the separate property becomes marital property and is therefore divided.
Identifying marital and separate property is rarely easy but it is particularly difficult in complex divorce cases. Forensic accountants are often required to classify separate and marital property, and to discover any hidden assets.
Valuing Property
Another challenging issue in complex divorce cases is determining the value of certain assets. This is not only due to the fact that assets in a complex divorce case are usually of higher value, but also because there are so many assets to divide. A high net worth couple, for example, may have multiple luxury vehicles and the original value and any depreciation must be accounted for.
Additionally, many complex divorce cases also involve the division of a business. If a business was operated at all during the marriage, at least a portion of it is subject to property division. Valuation experts are often necessary to determine the value of a business so it can be divided properly.
Spousal Support
Spousal support, more commonly referred to as alimony, is often a factor in complex divorce cases. Alimony is meant to help a disadvantaged spouse support themselves during and after the divorce process. If one spouse has fewer assets than the other, or a significantly lower net worth, alimony is also intended to allow them to have a similar lifestyle as they did during the marriage. Spousal support is often highly disputed and so, it is important to work with an attorney who can help you resolve the issue.
Our Complex Divorce Attorney in Tampa Can Help You Overcome the Challenges These Cases Present
Complex divorces are just that, complex. At Florida Law Advisers, P.A., our Tampa complex divorce attorney understands the challenges these cases present and how to overcome them so you obtain the most successful outcome possible. Contact us today by calling 1 (800) 990-7763 or fill out our online form to schedule a consultation and to learn more.