When couples get a divorce, it's naturally a challenging event for families. However, affluent couples with a high net worth may find the Florida divorce process particularly difficult as they are likely to face unique complications for several reasons.
At The Law Offices of Jonny Kousa, P.L., our Coconut Creek divorce lawyer understands the complexities of a high asset divorce, which is why we are here to assist affluent individuals through every step of the process in order to help them seek a favorable result. Here we explain why a high asset divorce is different from traditional cases and how to navigate the process moving forward.
What Makes a High Asset Divorce Different?
A high asset divorce or high-net-worth divorce can be more intricate when compared to a regular divorce case. This is due to either one or both spouses having a substantial income and/or highly valuable assets. Which means the stakes are much higher when it comes to settling the divorce.
To be a high asset divorce, typically one of the following is true:
- The couple's shared marital assets have a value that exceeds the state's estate tax limit
- The couple's estate includes a large home or other real estates of comparable value
- Either spouse is considered to be a public figure
- Either spouse own a business
A high net-worth-divorce factors in more than just either spouse's salary. The couple's assets must also be examined. Assets could include:
- A medical practice
- Stakes in a business
- An inheritance or trust
- Real estate
- Real property like homes, cars, boats, expensive artwork, and more
- Retirement accounts like a 401k
- Stocks, bonds, and other investments
Determining property in a high asset divorce can be more difficult than a traditional divorce. Some assets can be challenging to categorize as separate or marital property. Additionally, it's crucial to ensure that your property is properly evaluated to ensure a fair settlement in the divorce. It is in your best interest to work with a knowledgeable Florida divorce lawyer so that you do not lose anything that is rightfully yours.
Steps to Take in a High Asset Divorce
While it is never easy to make the decision to get a divorce, sometimes it's the best step to move forward with your life. If you are a high-net-worth individual, it's crucial to keep these key steps in mind before you move forward with getting a divorce.
Create a Plan: Don't jump into your divorce without a plan. Consider how your divorce may impact your children if you have any, including what custody and support may look like. Determine how a divorce will affect your living situation, finances, and assets. Lastly, decide whether your case will be handled through court or through an alternative method.
Hire an Attorney: After you've made your plan, you now have a clear vision of what you want to accomplish throughout the divorce process. Now you will want to seek out legal representation. Because of the complexities of a high asset divorce, it's not uncommon for minor mistakes to occur that can wreak havoc on your financial future. This makes it crucial to look for an experienced Coconut Creek divorce lawyer to assist you with your high-net-worth divorce.
Need Assistance With a High Net Worth Divorce? We're Here to Help
If you're facing a high asset divorce in Florida, our Coconut Creek family law attorney is ready to help. Our team understands that no two cases are alike and that high asset divorces come with unique challenges that require creative solutions. With The Law Offices of Jonny Kousa, P.L. on your side, you can rest easy knowing your best interests are protected as you navigate the divorce process. Don't hesitate to contact our team today to schedule a consultation regarding your high asset divorce.
Contact The Law Offices of Jonny Kousa, P.L. at (954) 626-8071 to learn how we can further assist you.