High Asset Divorce in Florida
Divorces can be stressful and emotionally draining, and high asset divorces are even more complex. Dividing significant assets can take longer than many people expect and may also involve more disagreements. Choosing an attorney who is experienced in large asset division is the best way to prepare.
The high net worth divorce lawyers at The Law Offices of Travis R. Walker, P.A. fully understand the legal and financial implications of a high asset divorce. We are here to skillfully guide our clients through this process and proudly serve the residents of Palm Beach County and the Treasure Coast.
What is a high asset divorce?
Generally, if $1 million or more in assets are involved in the divorce, it is considered high net worth. However, it is not just the value of the assets that complicate the process. Some notable features that require skilled consideration include:
- The types of assets involved
- How the assets are held
- How the assets were acquired
- Each spouse’s contribution
- Tax implications of asset division
High-asset divorces also call for delicacy and discretion. The individuals involved in these cases are more likely to be public figures or business executives who have an enhanced need for privacy. Speak with a high asset divorce attorney at our firm to learn more about our commitment to helping clients protect their rights while maintaining their privacy.
Valuation issues in a high asset divorce
Any divorce can raise disagreements about how assets should be split. High net worth situations can raise additional questions based on the nature of the assets involved. Florida follows rules of equitable distribution, calling for a fair division, but determining what is fair can be complex.
Some of the divorces our firm handles involve business interests, including its current assets and what they may be worth in the future. It can also involve unique items like valuable art or antiques. Depending on how wealth was acquired or grew during the marriage, it can also be difficult to distinguish between marital property and separate property.
To address valuation disputes, high asset divorces often require the services of experts who can offer an objective opinion. Our firm works alongside professionals who skillfully value assets to achieve an equitable distribution.
Impact of hidden assets
A proper division of assets requires an open and transparent view of all assets. But unfortunately, that does not always happen.
Sometimes assets are intentionally hidden through maneuvers like offshore accounts, delayed benefits, or improper transfers to family or friends. Sometimes they are unintentionally hidden due to how the assets are held, or the financial vehicles are structured. In either case, improper accounting of assets may lead to unfair calculations in alimony and child support.
Our firm works with experienced professionals like investigators and accounting experts who review financial records for evidence of hidden assets. We also undertake discovery to uncover assets as needed to protect your financial interests.
Other Considerations in High Net Worth Divorces
Significant assets can make for a complex divorce, but litigation is not always the best choice for those involved. Even in the case of a contested divorce, alternative dispute resolution or collaborative divorce may provide a means to settle points of disagreement. These can offer benefits like:
- Preservation of personal relationships. Alternative approaches can reduce conflict between the spouses and put less strain on children and other family members.
- Protection of privacy. The collaborative divorce process and alternative dispute resolution can remain confidential, reducing how much private information is entered into public records.
- Flexibility. When spouses litigate their divorce, the court is limited in the types of arrangements it will order. Alternative approaches allow the parties to reach creative solutions that serve interests beyond the simple distribution of assets. For example, the spouses may both want to keep a family business intact, and that could be best served by structuring a buy-out of one spouse’s interest by the other.
In some cases, going to court is necessary to protect your rights. A Stuart, FL divorce lawyer at The Law Offices of Travis R. Walker, P.A. will listen to your goals and help you determine a path that will serve your short and long-term interests. Call today to schedule a confidential consultation with a member of our legal team.
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