Divorces can be time consuming, stressful and even messy at times. Each divorce comes with it’s own individual complications but some cases are known to be more complicated than others. In theory, the process of dividing marital property during divorce should be straightforward. A value is assigned to each portion of shared property and the court must then divide the assets in a fair and equitable manner. However, in some cases such as high-asset divorces, this process becomes a lot more complicated. Proper valuation and distribution of assets in a divorce is highly important in order to ensure that both parties are treated fairly. If you’re about to undergo a high-asset divorce, you need a highly skilled and experienced attorney by your side to ensure that the process is handled properly. At the Law Offices of Theodore H. Enfield, P.A., we can provide you with a reliable Boca Raton divorce lawyers.
What is a High-Asset Divorce in Florida?
A high-asset divorce is a type of divorce where the couple has high income and shares assets involving substantial value that are sometimes difficult to determine the exact value of. Because there is so much at stake in high-asset divorces, cases often take longer to ensure that every single asset is correctly valued and accounted for and later distributed in a fair and equitable manner. The definition of equitable in a divorce will depend of the factors of each specific case. Assets will not necessarily be split half and half, as this is difficult to do, but rather the division will be fair in value.
When it comes to divorce in Florida, only marital property will be subject to equitable division. Marital property is owned by both spouses because it was acquired during the marriage. This includes all assets and debts. If there is a valid prenuptial agreement in the case, the terms of that agreement will be upheld by the court. If there is no agreement, the judge will choose how to distribute the assets depending on factors such as length of marriage, economic position, monetary contribution to the marriage from each spouse, and the debts and liabilities of each spouse.
Unique Complications of High-Asset Divorces
High-asset divorces are more complicated than other types of divorce because a more extensive legal and financial team is usually required to analyze all assets, investigate hidden property, and determine the value of business partnerships. Since there are also more assets to fight over, these type of cases often include more disagreements and hold up proceedings. Since the proceedings are often more extensive and high-profile, there is a greater chance for mistakes. Any mistake in a high-asset case could cause that party to lose credibility. One such mistake is failing to share all information of assets. Other unique issues in high-asset divorces include:
- Dividing businesses and professional practices
- Child support issues for high net worth couples
- Estate planning issues
- Divorce tax issues
- Investigating that the other party has no hidden assets
- Taxes involving the transfer of assets
The type of property and assets that are commonly distribute in high-asset divorce cases include retirement assets and plans, pensions, trusts, real estate holdings such as vacation homes, businesses, heirlooms and other property with significant market value.
Importance of a Boca Raton Divorce Attorney
Having an experienced attorney by your side during a high-asset divorce is imperative in ensuring your fair distribution of assets. Given the unique circumstances that arise in these type of cases, you need an attorney who is familiar with every step of the process and the laws, regulations, and requirements surrounding it. Contact the Law offices of Theodore H. Enfield, P.A., today for divorce lawyers in Boca Raton you can count on.