The process of dissolving a marriage through a divorce can be challenging for any couple. Married couples that have a lot of financial assets could face unique challenges that are not present in every divorce. Thankfully, a reliable divorce attorney can help resolve these challenges.
If you need help with a divorce that involves significant income or assets, it is important that you speak with our team right away. The sooner you seek legal counsel, the better your chances of a favorable outcome could be. Let a Florida high-asset divorce lawyer in Coral Gables advise you on the best path forward.
Common Issues in a High-Asset Divorce
Every divorcing couple—regardless of their financial situation—goes through many of the same challenges. Each divorce case must follow state law regarding residency requirements. Couples must also navigate issues of child custody and support based on what is best for the minor child.
However, there are certain situations that are unique when it comes to high-asset divorce. There may be a number of expensive pieces of property, a family business, or retirements and investments. A Coral Gables high-asset divorce attorney could assist in navigating these issues.
Asset Valuation
One of the primary issues in a high-asset divorce is asset valuation. Couples with high assets often own rare items or hold complex investments that are difficult to place a value on. This could include priceless art or high-value real estate. An attorney can find experts who are able to provide an accurate value for these rare assets, so that it can be distributed as equitably as possible.
Tax Complications
High-asset divorces often have unique tax consequences. For example, dividing a large, closely-held business could have tax issues that not only make it difficult to divide marital assets but could also threaten the survival of the business.
There are also certain types of assets that lose their value if they are liquidated. That can make these accounts or assets difficult to address during the property division process. In some cases, spouses could be ordered to pay the other party the cash value of their share of an asset instead of liquidating it.
Are High-Asset Divorces Always Contested?
It is not unusual for high-asset divorces to be contested due to the financial stakes. Unlike spouses with little to no combined wealth, the stakes are much higher in high-asset cases. In many situations, the future of closely held businesses or generational wealth could hang in the balance. These high stakes are what make the guidance of a Coral Gables-based high-asset divorce attorney so important.
High-asset cases might initially be contested, but an attorney can help find common ground that could eventually result in a settlement that both sides can agree on. In many instances, both spouses are able to reach an agreement on the division of assets. This could save substantial time and money as compared to going through the process of a contested divorce.
The stakes are too high to handle these cases without legal counsel. Often, a person attempting to resolve their divorce on their own only reduces the odds of a fair outcome. It is better to have a legal professional navigate these difficult cases.
Call a Florida High-Asset Divorce Attorney in Coral Gables Today
The process of going through a divorce—even when you share valuable assets with your spouse—does not have to be long and full of negative energy. With the right legal help, you could secure a fair outcome in your divorce case.
You can rely on the guidance of a Florida high-asset divorce lawyer in Coral Gables. Reach out to us for a free consultation as soon as possible. We are here to help!