Myths And Facts About High Asset Divorce
The first step in a high-net-worth divorce is to count your blessings. Divorce is a major blow to everyone emotionally and financially, but whereas a family that lives paycheck to paycheck before their divorce is at risk of true poverty afterwards, if you own assets valued more than $1,000,000, you are in a better position to weather the financial setbacks associated with divorce. Even though you might be used to an extravagant lifestyle where you can spend your way out of so many problems that it seems like the rules don’t apply to you, the same laws apply in high net worth divorce as in divorce cases among the 99 percent. Unless you have a prenuptial agreement, all property acquired during the marriage, except some inherited assets and personal injury settlements, is marital property. Florida’s equitable distribution rules mean that the judge will decide on a case-by-case basis how to divide the marital property, valuable as it may be, in the fairest possible way. A Boca Raton high net worth divorce lawyer can help you emerge from your divorce with your fair share of the wealth you acquired during your marriage.
MYTH: High Net Worth Divorce Cases Always Go to Trial
FACT: High net worth divorces are more likely to go to trial than divorce cases where the value of the marital assets is modest, but the family law courts order almost all couples to attend mediation before scheduling a trial. Most couples, including some with a net worth in the seven figures, can agree on all matters related to property division and parenting time during mediation. It is easier to do this if you have a prenuptial agreement, but some couples without prenuptial agreements are able to avoid trial; your lawyer can help you accomplish this.
MYTH: You Must Always Downgrade Your Lifestyle After a Divorce
FACT: You are always less wealthy when you own only part of your marital property than when you own 100 percent of it, but the doctrine of equitable distribution aims to keep both former spouses at a similar standard of living to the one they enjoyed during the marriage. In other words, if your expenses include country club memberships, equestrian lessons for your children, and the like, list these expenses on your financial disclosures.
MYTH: The Court Does Not Need to Know How Rich You Really Are
FACT: You should always be honest with the court about your income, assets, expenses, and debts, even if you lied to your spouse about money during your marriage and your spouse will be surprised to find out how much or how little money you actually have. Lying to the court about your finances can only make your legal problems worse.
Contact Schwartz | White About High Net Worth Divorce
A South Florida family law attorney can help you accomplish your divorce in a way that does not dissipate your wealth. Contact Schwartz | White in Boca Raton, Florida about your case.