According to reports from the American Psychological Association (APA), between 40% and 50% of all first marriages end in divorce. The divorce rate for second or subsequent divorces is even higher.
Unfortunately, divorce is something that does not discriminate and can happen to anyone, regardless of their race, gender, or financial status. If you are in a high net-worth marriage, dividing assets can be particularly challenging. It is vital to have a skilled family law attorney in Florida by your side to help ensure you can protect your assets during this difficult time.
Understanding Assets and How They Are Divided
In a high net-worth divorce, understanding how assets are divided is crucial. Assets can include anything from real estate properties to investments, businesses, vehicles, artwork, etc.
When dividing assets during a divorce, you must determine whether an asset is considered marital property. Generally, an asset could be considered marital property if acquired during the marriage.
An asset acquired before the marriage may be considered a separate property, which is not typically divisible during a divorce proceeding. In addition, assets that were received as a gift or inherited may not be subject to division.
Once all of the marital and separate assets have been identified, the next step will be to determine the specific value of each. In most cases, the value will be determined through an appraisal process.
However, consulting with a financial expert specializing in valuing different asset types may also help you identify the asset’s worth. After each asset has a value assigned to it, our Florida divorce attorney will negotiate on your behalf to determine how the assets will be divided.
One common way to determine how much each party to the divorce receives is to base the asset assignment on equitable distribution. In these cases, all assets are divided fairly between each party.
It is important to understand that even though they may be fairly divided, it does not necessarily mean that each party will receive equal assets. Instead, the amount of assets each party will recover will be based on various factors, such as each spouse’s individual contribution to acquiring the assets and their future financial needs.
Additionally, any prenuptial or postnuptial agreements entered into by the couple will impact asset division. These legal documents outline how certain assets should be distributed in case of divorce and can guide courts during asset division proceedings.
Dealing with high-net-worth divorces can be particularly challenging because they are often complex and have a substantial amount of assets. In some cases, valuable items like businesses or investment portfolios may require professional valuation.
This often requires expertise that is beyond what an average person possesses. In addition, the emotional attachment that each party may have poured into a certain possession can make the decision-making process even more complex.
In your best interest, seek help from a family law attorney in Florida early on to protect your right to assets. Our Florida divorce attorney will help to ensure that all legal obligations surrounding asset division are met while simultaneously protecting your best interest at every step.
Common Challenges in Dividing High Net-Worth Assets
In high net-worth assets, several challenges are often presented. These challenges can significantly prolong the time it takes to finalize the division of assets and the divorce proceedings.
One of the major arguments is the true value of each asset. Individuals with high net worth may have investments that fluctuate significantly over time. This can include businesses, stocks, or even real estate. A careful analysis is often needed to determine the true value of these and other assets.
Another common challenge can include how the types of assets are divided. For example, dividing ownership stakes in a business or shares in a stock portfolio can be intricate. Your attorney will work to ensure the division process is handled fairly.
Another challenge in dividing high net worth assets is identifying hidden or undervalued assets. During a divorce, it is common for one spouse to attempt to conceal various assets or even downplay how much they are worth.
An individual may do this to gain an advantage during the asset division. You must immediately contact a family law attorney in Florida to ensure you are provided your fair share of assets in a high-net-worth divorce.
Call Our Florida Divorce Attorney Today
Dividing property during a divorce can be a complex and emotionally charged process. At Griffin Family Law, we understand the importance of protecting your assets and ensuring you receive a fair outcome in the property division process. Our team has extensive experience handling divorce cases, including those involving high-value and complex assets.
Our Florida divorce attorney is dedicated to representing your best interests and achieving your goals throughout the divorce process. Let our family law firm help you through this difficult time with our dedicated and personalized approach. Contact our family law attorney in Florida today for a consultation.
