Complexities of a High Net Worth Divorce
Divorce is a hard thing to get through. It will take a tremendous emotional toll on you. However, you should not allow your pain and anguish to prevent you from getting a fair settlement. It is especially important to look after your material interests if you are a wealthy couple.
High Net Worth Divorce
If you are married to someone of considerable wealth, the properties, money, investment, stock shares, and other assets owned by him or her will be at the forefront of divorce negotiations. If you know that divorce is inevitable, you should hire an attorney immediately. You will need to start protecting your legal interests. If you are the less wealthy spouse, you also will need to ensure that you get enough money to establish a solid beginning in your new life as a single person.
Marital and Non-Marital Assets
Florida is not a community property state. The judge will seek an equitable division of assets, but not necessarily an equal division of them. This is because the marital estate must first be divided into non-marital assets and marital assets. The non-marital assets are distributed to the party who owns them and then the marital assets and split normally 50/50.
Marital assets are money, property, and other things of value acquired during the marriage. They are subject to equitable division. Non-marital assets are things that you owned before you married and are not subject to division with your spouse. However, assets, properties, shares, and investments owned before the marriage that have been commingled with marital assets or which acquired significant value during the marriage can be still be subject to equitable division.
Ensuring All Assets Are Accounted For
Your spouse is not allowed to make any large sales or asset transfers during the divorce. Essentially, they must open their financial books to the other side. The Law Offices of Matthew Z. Martell are Sarasota FL divorce attorneys who can help you ensure that all assets are accounted for. One of the first things we will do is hire a forensic accountant expert witness who will track down the location and amount of all assets owned by your wealthy spouse.
If you are on the cusp of a high net worth divorce, then you should call the Sarasota FL divorce attorneys at the Law Offices of Matthew Z. Martell. We will give you the expert legal counsel you need.