Divorce is rarely a straight forward, stress-free endeavour. When a couple has a large amount of assets, divorce usually becomes even more complex. It is understandable that both spouses desire what each believes to be their fair share in the marital assets, as this will set them up for success in the future. But with so much on the line—financially speaking—high net-worth divorces sometimes take a difficult turn. Alimony and child support are also complicated parts of a high net-worth divorce that require special attention when neither party agrees with what the other is offering. To ensure that you are prepared for the future by starting out on the right foot following divorce, we encourage you to seek professional legal help. The Miami high net-worth divorce attorneys at the Florida Divorce Law Group will drastically enhance your odds of walking away from your divorce with the financial tools and child custody decision that you desire.
Key Aspects of a High Net-Worth Divorce
- Division of Marital Assets—Being wealthy may, in fact, increase the odds that a couple gets divorced, according to CNBC. While many couples stay together due to financial constraints, wealthy couples have more freedom when it comes to separation, due to their ability to pay for things like childcare and separate housing. Retaining this wealth is obviously of significant concern in high net-worth divorces, and division of marital assets is often the point of highest contention among spouses. All marital property—assets and debt acquired during marriage—are subject to equitable distribution in Florida divorces. This includes stocks, business assets, funds in bank accounts and retirement accounts, personal property, realestate, and more. It is vital to take accurate stock of all of the assets in a high net-worth divorce, which can take months. Many spouses have been known to hide assets from their spouse on offshore bank accounts, private bank accounts, and even cash. Another issue that high net-worth divorces run into is large spending sprees before the divorce is finalized, with one spouse making large purchases last minute on everything from cars or jewelry, to stocks and real property.
- Spousal Support—Spousal support, commonly referred to as alimony, is paid to the lower earning spouse by the higher earning spouse. Spousal support is determined based on factors like the length of the marriage and the contributions each spouse made to the marriage, as well as the lower earning spouse's need, as well as the higher earning spouse's ability to pay.
- Child Support—There is no maximum when it comes to child support. It is based on the child's needs (education, childcare, food, clothing, medical care, housing, toys, vacation, etc.), the number of children the parents have together, and the non-custodial parent's ability to pay. For high net-worth parents, the cost of raising a child is usually much higher than it is for low to middle income parents.
- Child Custody—Child custody is a big issue in all types of divorces, and high net-worth divorces are no exception. Child custody disputes can take many months to resolve, and in heated custody battles, the child suffers. An experienced attorney can help resolve conflict while still pursuing your goals.
Hire the Right Lawyer for the Job
Working with an attorney is essential for any divorce. And, with high net-worth divorces, finding the best lawyer possible becomes even more important, but not for the reasons you may think. Many divorcing spouses believe they should find the most cut-throat, aggressive litigator out there to handle their divorce. But working with that type of lawyer, and going into divorce mediations and hearings with that type of attitude, usually goes wrong. First of all, bringing a contentious attitude to the table will only cause the other party to become more entrenched. Secondly, the more you fight with the other party, and the longer the divorce takes, the smaller and smaller your and your spouse's shares of the marital assets become, as each party's lawyers will inevitably incur larger and larger fees. To put it simply, the messier the divorce and the longer it goes on, the greater your attorney's cut becomes. As such, it is important to work with an attorney who has your best interest in mind, not their own. While we are experienced litigators and are prepared to take your divorce to court if necessary, we always seek other, less expensive and more time-effective, measures first.
Best Practices for a High Asset Divorce
- Keep Control of Your Temper—By lashing out at your spouse, you are inflicting just as much harm to yourself as you are to them. High temper divorces are more expensive, take more time to resolve, and cause lasting emotional damage for everyone involved.
- Stay Flexible—You will not get everything you want in your divorce. Neither will your spouse. Keeping this in mind can save you a headache in the coming months, and will help both parties during negotiations.
- Be Realistic—Having realistic expectations is essential in high net-worth divorces. Just like remaining flexible, being realistic will enable you to negotiate, make compromises, and communicate with your spouse during these trying times.
Protect Yourself and Your Assets in the Future
A pre or postnuptial agreement can have a big impact on divorce. While no one ever wants to assume that a future marriage will fail, the chance of a second marriage ending in divorce is 67%, according to Psychology Today. An attorney can offer you protection, just in case, in the form of a postnuptial agreement, which can offer you financial stability and peace of mind if you decide to marry again.
Our High Net-Worth Miami Divorce Attorneys are Here to Help
We understand just how much you have at stake in your divorce, and the complexities that your case may pose due to the large assets involved. Our Miami high net-worth divorce attorneys have seen it all over our decades of combined legal experience, and are confident that we can deliver the result that you are seeking, whether those goals involve fair distribution of assets, child custody rights, a fair spousal support agreement, or all of the above. To learn more about what we can do for you, call the Florida Divorce Law Group today at 1-866-240-0730 to schedule a free consultation.