Six Factors to Consider in a High-Net-Worth Divorce
At the Law Offices of Schwartz | White, our team of Boca Raton divorce attorneys specializes in couples who are facing high-income and high-net-worth divorces. It’s important to have a firm who specializes in these types of divorces because you need someone with the resources and capability to evaluate the complex and valuable property and other assets.
Here are six things to know about a high-net-worth divorce.
If you have a family business, you may need an expert to provide a professional valuation on what your business is worth. Be advised, there may be possible restrictions regarding transfers and withdrawals.
The use of both prenuptial and post-marital agreements is common in high-net-worth divorces.
You will need to decide whether you are accepting the original terms of the agreement or whether you are planning to challenge the enforceability of the agreement based on certain criteria.
High-net-worth divorces tend to be more complex when it comes to property division. There may be multiple homes, vacation properties, yachts, and other assets that are internationally held. If you have separate property, there are situations where commingling funds could turn your perceived separate property into marital property. In addition, there are scenarios where one spouse attempts to hide or liquidate assets before or during a divorce in hopes of preventing the other spouse from getting any proceeds. You may require the services of an expert, like a forensic accountant, who can not only provide valuations, but also look for hidden assets.
If you or your spouse received an inheritance during the marriage, it typically remains the separate non-marital property of the receiving spouse. However, if some or all of the money has been commingled, the court may deem it to be marital property.
Other Business Valuations and Executive Compensation
There may be other types of businesses you own or have ownership interest in, like a general partnership or a limited liability company. These can be difficult to value in some cases and have complex tax implications in divorce cases.
Other types of compensation like deferred compensation or stock options could also be part of the marital property portfolio. These may also require the use of an expert in some scenarios.
Not all divorces will result in a 50/50 split of marital assets. The courts have discretion to factor in certain criteria that might change their distribution of marital property. This might be the duration of the marriage and how much each person contributed to the marriage.
This also applies to alimony, where the court may order the higher-earning spouse to provide financial support to the other party depending on how long you were married and your standard of living during the time you’ve been married.
Retaining a Florida Divorce Attorney
If you have a sizeable asset portfolio, finding the right Florida high-net-worth divorce attorney is imperative. The Law Offices of Schwartz | White offers the right combination of professionalism and discretion while getting results. Contact our office at 561-391-9943 to schedule a confidential consultation.