Couples going through a divorce will eventually need to decide how to complete property division in order for the divorce to move forward. In Florida, equitable distribution rules are used to split up marital property fairly, not necessarily equal. For many divorcees, property division is not too large of a hurdle, for they do not share many marital assets. However, for couples that own large amounts of property, finances, and other assets, they might find themselves in the middle of a high net worth divorce.
Your Prized Possessions Should Remain Yours
There is no absolute legal definition of a high net worth divorce based on an empirical value of property worth. Instead, it is a term used when there are highly valued or complex assets to consider for division. Essentially, if a family lawyer calls your divorce high asset, it is a red flag to pay close attention to the proceedings because things might get complicated and you might stand to lose considerably if things go wrong.
Within a high net worth divorce, important assets that may be dividing include:
- Businesses: Any business owner that did not maintain sole control over their company will go through a high net worth or high asset divorce if their marriage ends. Deciding who keeps the reins in the business can become the centerpiece of the divorce. It might be worth trying to trade other assets, like homeownership in exchange for business ownership, in your high net worth divorce.
- Real property: Pieces of real estate tend to have big dollar values that do not diminish over time. For your high asset divorce, you must consider the value of your home or commercial property now, and what it could be in the future.
- Retirement plans: Choosing how to split a retirement plan, 401(k), or pension can be an area of heated contention in your divorce. Most people do not want to split their retirement money, having technically earned it alone through their own efforts. Yet, such funds are considered marital assets more often than not under Florida’s equitable distribution rules.
- Stocks and investments: Money tucked away in stocks, investments, and other financial options is not immune to marital asset division. For your high net worth divorce, let your attorney know if you suspect your spouse has not disclosed all of their finances that might currently be wrapped up in stocks. They can assist with the process of discovery.
Keep Your Best Interests Protected with Our Help
The Law Offices of Russell S. Hershkowitz, L.L.C. is here to help you with your high net worth divorce. The priority of our Altamonte Springs divorce lawyer is keeping as much of your assets on your side of the divorce as possible by carefully navigating the equitable distribution laws of Florida. We can also discuss drafting a prenuptial agreement if you control many assets and are thinking about getting married.
Find out more about divorce and its many factors by contacting our law firm today.