Five Common Issues That Can Make High Asset Divorce More Challenging
Going through a divorce is never easy, but certain types of circumstances can make it even more challenging. This is particularly true in high asset divorce cases. While the same state laws apply as in any other situation, the couple’s lifestyle and sheer volume of property and assets are major considerations and often cause these proceedings to be even more complex. Our Fort Lauderdale divorce attorney explains five common issues that often arise:
- Where to file
In high asset divorce cases, it is not uncommon for a couple to own several homes that they stay at or visit during different times of the year. As a result, residency may be an issue. Each state is different and in order to file for divorce through the Broward County Family Court, you must be a resident for a full six months prior to filing a petition. You may have traveled elsewhere during this time, but Fort Lauderdale must still be considered at least one of your primary residences.
- Premarital property
Some high asset couples accumulate wealth over the course of their marriage. In other cases, one or both parties may have inherited wealth or achieved financial success prior to saying ‘I do’. Under the Florida Statutes, all marital property must be divided on an equitable basis in divorce. This means in a way that is fair to both parties involved based on the circumstances in the case. Premarital marital property is typically exempt, but in high asset divorces it is not uncommon for funds to get commingled.
- Adequately assessing values
Speaking of property, high asset couples may have significant amounts of money invested in gold, real estate, artwork, antiques, and collectibles, as well as in stocks and businesses. To ensure you get your fair share in any resulting divorce settlements or orders, it is vitally important that all property and assets are properly assessed in terms of value.
- Hidden assets
In any divorce case, it is not uncommon for undisclosed assets to become an issue. Often one party will attempt to hide property and assets from another or even give it away for the sake of not having to divide it in divorce proceedings. Often, tax returns can provide important clues regarding undeclared assets and income. In a high asset divorce case, this is typically a more complex issue and may require the use of a forensic accountant.
- Lengthy divorce proceedings
Refusing to compromise, dragging out divorce proceedings, and filing additional lawsuits or other legal actions against a former spouse costs money. In high asset cases, one or both parties may be willing to pay these costs for the sake of getting revenge.
Contact Our Fort Lauderdale High Asset Divorce Attorney
At the law office of Vanessa L. Prieto, we have the experience and legal expertise needed to protect clients in high asset divorce cases. To request a confidential consultation, call or contact our Fort Lauderdale divorce attorney online today.