Special Circumstances Surrounding High Net Worth Divorces
Divorce is never easy. It is costly, time-consuming, and emotionally draining. Divorce is even more complex with a high net worth divorce. Mainly, there are more financial assets which need to be divided and oftentimes these assets are more complex so they cannot be as easily divided as normal. A divorce attorney near you in Sarasota, Bradenton, and Venice, Florida such Attorney Matthew Z. Martell is always recommended for divorces with a high net worth. If you find yourself in this situation, contact the Law Offices of Matthew Z. Martell for legal representation right away.
When dealing with a high net worth divorce, you need for an experienced high net worth divorce lawyer near you. Attorneys who have experience with this type of divorce proceeding are better equipped for the subtleties, investigation, presentation of evidence, motions, and hearings involved in high net worth divorce than regular divorce attorneys. This is due to several factors.
Complex Determination of Net Worth
Married couples with a high net worth are going to have unique challenges when divorce presents itself. Oftentimes, such couples have multiple homes, multiple vehicles, complex investments, various retirement accounts, and businesses. This will cause the divorce to take more time because of these assets need to be properly valued and then properly distributed.
Florida is an equal distribution state. That means that marital assets are divided fairly, but that doesn’t necessarily always mean they are divided equally. Typically, we are talking about is proving and then valuing pre-marital assets, inherited assets, or separate non-marital assets acquired after the date of filing the divorce. Figuring this out normally requires hiring an expert witness forensic accountant on both sides which causes the divorce to take longer to balance both sides division of the finances in an equitable distribution worksheet so the parties can make an informed decision. An experienced high-asset divorce lawyer near you like Sarasota, Bradenton, and Venice, FL Attorney Matthew Martell is needed in these type of cases.
Identifying Marital and Non-Marital Assets
There must be identification of all the assets considered marital assets and all assets considered non-marital assets in the eyes of the law. In a divorce, the assets of each person, marital and non-marital, must be assessed, verified, valued and distributed. Normally this calls for using a forensic accountant so that everything is found, properly categorized, valued, and then distributed correctly. Generally speaking, if the asset was obtained from the date of marriage until the date of filing the divorce, then it is a marital asset. If the asset was obtained after the date of filing the divorce, then generally it is considered a non-marital asset. Finally, if the asset was obtained before the marriage, not commingled during the marriage in any way, and you have a complete full set of financial records to prove this fact, then it is considered a pre-marital asset.
Valuation of Assets
Once the marital and non-marital assets have been reviewed, the value of each asset is assessed. Again, this is generally done by an expert witness forensic accountant who values all the assets in an Equitable Distribution Schedule. Generally, the valuation date is the date of filing the divorce. However, the current date can also be utilized. Alternatively, sometimes the date of separation is used. If a spouse is trying to hide assets, this complicates things further because normally forensic accountant are able to spot these hidden assets pretty easily. Then, these assets financial records must be tracked down and also appraised.
Distribution of Assets
Since Florida will distribute assets in an equitable way, the Court doesn’t always have to make it even — just fair based on multiple factors. Some of the factors impacting the distribution of assets can include:
- Separate properties
- Specific assets and investments owned
- Types of retirement accounts
- Business valuation
- Prenuptial agreement
- Dissipation or depletion of marital assets due to infidelity
Make sure to go over everything with your divorce lawyer. And don’t hide anything, because this will make a bad situation worse and could also end up being a devastating blow to your case.
High net worth divorces have a greater chance of ending with one party receiving alimony payments. The intent is that the party should remain with the standard of living they are accustomed to. In these high net worth divorce situations, one spouse being a homemaker, not working, and being in a long-term marriage is a common occurrence. The chance of alimony being awarded is higher with a high net worth divorce.
This is another unique consideration in high-net worth divorces. Due to the Florida court’s postulation that children should also be able to maintain the same standard of living after a divorce, numerous extracurricular activities, private school education, and private daycare will all be considered if it is already in place at the time of filing the divorce. It should be noted that if the higher earning spouse pays for part or all of the daycare, it will reduce his monthly child support payment
Your Sarasota and Bradenton High Net Worth Divorce Attorney
If you find yourself in a complicated high net worth divorce, then you are going to need one of the best high-net worth divorce attorney near you to guide you through this process. You should always have legal representation in high net worth divorce proceedings. If you are serious about hiring an attorney now, please call the Law Offices of Matthew Z. Martell at (941) 556-7020 and schedule a Phone Consultation to assist you in these matters. With a wealth of experience, Attorney Matthew Martell is a great family law attorney in Sarasota who can help you protect the things that matter the most to you during your divorce.