Preparing for a High Net-Worth Florida Divorce
Most divorces can be complex and frustrating, but those couples who have a high net worth have even more specific concerns that have to be addressed. Financial decisions are already a source of conflict between a couple who is splitting up. When a significant asset portfolio is involved, it can take the level of disputes to a whole new level.
One step you can take that will help assuage your fears some is to retain a Boca Raton high net worth divorce attorney. Because they are specialized, you need an attorney who has experience handling these types of cases. In addition, there are several things you can do in preparation for filing for divorce.
Document Your Suspicion of Hidden Assets
It’s not uncommon for one spouse to suspect the other is hiding assets in order to keep them from being part of the asset distribution in the divorce. If you suspect your soon-to-be ex is concealing some of your marital assets, you need to let your Florida divorce attorney know right away. There are methods your attorney can employ, including hiring a forensic accountant who specializes in locating hidden assets.
Signs to look for include the transfer of assets into your children’s names, deferring a promotion or bonus until after the divorce has become finalized, closing accounts, underreporting taxes, etc. Did your spouse suddenly go on an expensive shopping spree? Be cautious about frivolous or a sudden change in shopping habits.
Some spouses believe that if they inflate spending shortly before the divorce, this can increase the perception of the marital lifestyle which can equate to higher support payments. Or, there is the chance he or she is trying to get rid of some assets so they aren’t subject to asset division in divorce.
Get a Clear Understanding of Your Marital Assets
To understand exactly what is divisible in your divorce, you need to have a clear picture of what assets you have that are subject to division in the first place. If you don’t have a detailed picture of what your current financial holdings are, you should start taking steps to document them. Start physically documenting everything you can, like sales receipts, bank statements, images, etc. Get copies of loan documents, tax returns, bank statements, and whatever else your Florida divorce attorney might need.
You may also need the services of a financial expert who can help document all your marital assets. Financial experts can help create a valuation on hard-to-value assets like a family business or retirement accounts, and more.
Contact a Florida High Net Worth Divorce Attorney
If you are preparing for divorce or have been served with divorce papers, it’s important to retain the right Florida family law attorney. If you have a lot of assets and/or a family business, investments, etc., you need a divorce attorney who understands the complexities of a high net-worth divorce. At the Law Offices of Schwartz | White, we have years of experience helping Florida couples with the complexities and nuances of these type of divorces. Contact our Boca Raton office today to schedule a consultation.