Divorce is rarely easy, even in the simplest and most amicable of situations. There are a lot of emotions tied up in a divorce. In high-net-worth divorces, there are a lot of assets tied up in the proceedings. The combination of intense emotions mixed with high financial stakes means that things can get complicated quickly.
What makes high-net-worth divorces different?
There are several aspects of high net worth that make them different than other kinds of divorces. For instance, high-net-worth divorces often take much longer to resolve than other divorces. There are more assets to identify and this also means that there are more assets that need to be properly valued. Assets in high-net-worth divorces can often require specialty appraisers to accurately evaluate their value.
Finding all assets in a high-net-worth divorce can also be difficult. It is important to have a thorough understanding of the extent of your assets. Become as familiar as possible with your assets and that of your spouse. The sooner you do so, the better. Assets and other financial information can sometimes disappear in the midst of a divorce.
Forensic accountants are often employed in high-net-worth divorces to uncover any assets and financial information that either party may be hiding. Forensic accountants are also often employed to help determine whether assets are to be considered marital or separate. In divorce proceedings, marital assets are subject to division while separate property remains in the ownership of the same spouse. This is why it is so important to accurately determine what an asset will be considered.
There are also special tax issues that can arise in high-net-worth divorces. These tax issues may relate to things such as business entities. There are also tax considerations relating to benefit plans and real estate as well as spousal support. Tax considerations are important to take into account in divorce as they can have lasting implications for the financial future of the parties involved.
Because of the variety and breadth of assets involved in high net worth divorces, things can take a very long time. There are more assets to find. There are more assets to value. There are more assets to fight over. For all of these reasons and more, high net worth divorces can last from several months to years.
Florida Divorce Attorneys
High-net-worth divorces mean high stakes. There is a lot on the line in these situations and how things are resolved will have substantial and lasting implications for your financial future. At the Orlando Family Team, we rigorously represent the best interests of our clients and fight for what they deserve. When things get complicated, we are here to help our clients navigate the rough waters ahead, helping them every step of the way. Contact us today.