A divorce involves completely untangling a couple’s financial lives, which can be challenging when the couple is wealthy. Locating and valuing all the marital assets and liabilities can be time-consuming and heated.
Issues concerning children can also be more complicated for high-net-worth couples than they are for middle-income couples. The couple and a Judge need to consider the children’s current lifestyle when they make decisions.
Preparation is extremely important in a high-net-worth divorce for multiple reasons, which is where a trusted divorce attorney can help. Work with a Pinecrest high-asset divorce lawyer to get sophisticated legal representation of your case.
Avoiding Court for High Net-Worth Couples
A contested divorce requires a lawsuit filing that is public unless a court puts them under seal. It is often important for a wealthy person’s reputation and their family’s security that the private issues that arise in divorce remain private. The best way to accomplish that goal is to settle all the relevant issues before filing for divorce, if possible.
A high net-worth person should consult a Pinecrest attorney as soon as they begin seriously considering a divorce. They can learn their rights, establish expectations for the process, and hopefully get their spouse on board with the idea of an uncontested divorce. Couples can accomplish an uncontested divorce through collaborative divorce methods or negotiation between each side’s legal representative. The negotiations are confidential and not shared with the court.
An uncontested divorce does not mean that a spouse must give in on issues important to them. Spouses can negotiate and take a hard line on their most important issues as long as they are willing to compromise on others. Negotiations might take considerable time but they can file for an uncontested divorce if they result in agreements on all relevant issues. The process is often faster, less stressful, and less public than having a divorce trial.
Wealth Adds Complexity to Property Division
The law requires a couple to divide their marital property equitably when they divorce. When a Judge must decide on property division, they must start with the presumption that each spouse should take half the marital property. Then they consider various factors to determine whether it is fair for one spouse to get more than 50 percent.
Full Disclosure Required
Florida Family Court Rule 12.285 requires each spouse to disclose their income, assets, and liabilities to the other. Many high-asset couples have complicated finances, with various holdings that could include interests in real estate, businesses, partnerships, and valuable personal property. They may have interests in trusts, offshore holdings, and other assets that can be challenging to locate and verify. The process of compiling and verifying documents is a labor-intensive and time-consuming aspect of a high-asset divorce in Pinecrest.
Valuation of Assets
All assets and liabilities must be valued and that value is used to make the final property division. Values can be controversial and ensuring an accurate value often requires the use of professionals like appraisers, business valuation specialists, real estate experts, and others. A high-value divorce attorney in Pinecrest has a network of experts they can call on to ensure the marital property is valued accurately.
Children in High-Asset Families
Whenever parents of minor children get divorced, a Judge must review their parenting plan to ensure it supports the children’s best interests. The Judge makes this independent review even when the parents agree on the plan and have filed for an uncontested divorce.
The plan must also address child support, which can be significant in a high-asset divorce. Judges do not want a child’s standard of living to decline, so a child support payment might include obligations for private school tuition, summer camp, travel, club memberships, and similar expenses.
A Pinecrest attorney can explain how a couple with significant wealth should navigate these agreements in a manner that ensures fairness and judicial approval.
Work with a Pinecrest Attorney on Your High-Net-Worth Divorce Today
Wealth adds layers of complexity to divorce, which is already a complicated process. You need a legal professional who is knowledgeable and comfortable working in this situation.
Talk to a Pinecrest high-asset divorce lawyer who can help you accomplish your goals, while ensuring your divorce proceeds as smoothly as possible. For a free case evaluation, call The Florida Probate & Family Law Firm today.