Divorces are painful but inevitable sometimes. No two divorce cases are the same and this is true even for high net worth cases. Though the proceedings may revolve around similar issues such as property division, spouse support, child support and custody, high net worth divorce requires a careful consideration and representation of facts for the parties concerned. If you find yourself in this position, the least you should do at this point is to educate yourself on the process.
What do I need to do in the event of a high net worth divorce?
Identify your assets
Identifying your assets will help you know what you have and what you stand to lose in the course of the divorce. There are two main types of assets; marital assets and non-marital assets. Non-marital assets are assets acquired prior to your marriage, assets received as gifts are also separate from your marital estate. Marital assets include all your possessions acquired in the course of the marriage. If unsure of the details of your collective assets, you should hire a forensic accountant or private investigator to be sure that there no hidden marital assets. After they are identified, the next step is to separate the assets from the liabilities and then have your estates financial information reviewed by your accountant and attorney, preferably a qualified Florida attorney.
Get an Attorney
You need a high net worth divorce attorney. The stakes in a high net worth divorce are higher than the normal and you will need an attorney experienced in the field. A high net worth attorney in Florida will be experienced in dealing with large estates, local and foreign assets, prenuptial agreements in line with Florida’s laws. They can also handle the rigor of the complexities of high net worth cases. A qualified divorce attorney will be able to assess your financial situation and devise a legal strategy to ensure a fair and stress-free divorce proceeding that also minimizes your risk of financial loss.
Litigation is often a messy process that should be avoided by all possible means. However, in the eventuality that both parties disagree on a fair distribution of assets and liabilities, a lawsuit might be unavoidable. This is why you need to work with an experienced high net worth attorney. While the decision to avoid a lawsuit is not yours alone to make, as your spouse must agree, having an experienced high net worth attorney on board will often help you negotiate through the rough patches and ultimately avoid litigation and related losses. Litigation should only be a last resort and approached only if alternatives such as arbitration and mediation reach a dead end.
One way to hasten this process and tidy up the divorce as soon as possible so that both parties can move on, especially when there are minors involved, is to try and communicate with your spouse. The divorce process is already emotional; don’t make it worse by allowing negative emotions to hold sway. Instead, try to look at the bigger picture and be fair in your dealings with your spouse so you can avoid a messy divorce, and save yourself both time and money.