What You Need to Know Before a High Asset Divorce
Navigating the complexities of a divorce can feel overwhelming in even the simplest of cases, so it’s no surprise that adding high asset variables into the equation can lend to a stressful and chaotic separation. While manageable, high asset divorces will almost always need the guidance of a professional to establish what assets are in play and advise best measures to protect your wealth.
Navigating the waters of a high asset divorce is not a simple task, that’s where we come in. We’ve curated this article with all families in mind to help them discover what a high asset divorce is, and if they qualify.
What is considered a high asset divorce?
Avoid writing off your separation as a high asset divorce simply because neither party has significant amounts of money in their bank account. High asset divorces are often determined based on the culmination of assets ranging from retirement plans, business assets, real estate values, net worth, and so on. In the event that there is substantial financial value in the sum total of the assets held by each party, then the divorce qualifies as a high asset separation.
Common mistakes people make during a high asset divorce
Even with guidance, it’s easy to let personal relationships and elevated emotions get the best of you. Below we’ve laid out a number of common mistakes that are regularly made during the process of a high value divorce. While this list is not all inclusive, it can serve as a valuable reference of what to avoid when possible.
Accepting a settlement offer without going through the divorce process
Feeling frustrated and overwhelmed by the idea of a divorce can leave party members more susceptible to accepting a settlement offer before even going through the divorce process. While this may initially seem like the more logical and less cumbersome option, the truth is that you could be doing yourself a disservice in the long run.
Attempting to hide assets from your spouse
Did you know that hiding assets from your spouse can come with legal consequences? Moreover, the divorce process can elicit the aid of forensic analysts to ensure fairness, transparency, and accuracy in regards to complex assets. Avoid hurting your potential distribution amounts and be as honest as possible about assets involved.
Assuming your spouse isn’t hiding assets from you
No matter how much you think you know someone, divorces can be bitter and unrewarding. Never assume that your spouse is being fully transparent and sincere when it comes to reporting all of their assets. A thorough disclosure of assets should be completed by both parties.
Forgetting about the tax implications of the divorce
Between child custody / child support, retirement accounts, and marital property divisions, there can be a number of tax implications associated with divorce. Avoid unnecessary penalties by discussing your finances with a professional.
Spending your shared assets on expensive purchases before the divorce
While spending money on expensive purchases prior to a divorce may seem like a “smart” thing to do in an attempt to tip the scales in your favor, the truth is that it could negatively impact your case. A judge may view this exuberant spending as unfavorable and, as a result, choose not to work in your favor.
Handling the divorce yourself without a high asset divorce lawyer
Specialized divorce attorneys act as a way to protect both parties involved. Not only can a high asset divorce lawyer provide helpful insight to asset valuation, their knowledge can be indispensable when it comes to strategic negotiation and the understanding of the state's legal requirements.
How are assets divided during a divorce in Florida?
In Florida, the process of dividing up assets between each party is known as equitable distribution. Instead of dividing the assets equally between the two parties, the assets will be distributed daily based on a number of considered factors.
Busciglio Sheridan & Schoeb specialize in high asset divorce in Florida
Protect your assets, secure specialized representation from Busciglio Sheridan & Schoeb. Navigating the complexities of a high value divorce can be complicated, with one misstep resulting in the loss of your time, money, and opportunities. We’re here to protect your interest - contact us today to see how we can help you. From family law to immigration law, we strive to be the law firm that provides impeccable legal representation in the Tampa Bay area.