The Complexities of High-Asset Divorces
Divorce is a difficult issue for any separating couple to navigate, but it can be even more complicated if there are high-value assets or property involved. There are a number of important matters to address in these cases, including:
- Division of property: In Florida, the law of equitable distribution ensures that all assets are divided fairly between the parties, but that doesn't always mean you split everything exactly in half. These assets may include bank accounts, real estate, personal property, cars, vacation homes and retirement accounts. It is up to judges to determine what is reasonably equitable given the circumstances.
- Spousal support: It's likely that some form of spousal support (or alimony) will be determined. When deciding on the amount, the judge needs to take into account the length of the marriage, each party's financial contribution to the marriage and each party's age, among other considerations.
- Division of debt: In addition to gains, there are also losses to be divided. Medical bill debts, credit card debts and other debts incurred during your marriage also will be divided in accordance with the rule of equitable distribution.
- Division of family businesses: In high-asset divorces, it's common for spouses to share financial stakes or managerial responsibility in a family business. Again, according to the law of equitable distribution, this business will have to be fairly divided between the two of you, which may involve a business valuation by forensic accountants and other professionals to accurately assess its value.
- Accounting for assets: In some cases, your spouse may have hidden assets or an offshore or foreign account, or even numerous accounts. A lawyer may need to find documentation for these assets so that they can be accounted for and divided fairly.
To get the assistance you need for the complications of a high-asset divorce, contact a skilled Orlando divorce attorney today.