High Net Worth Divorce in Florida: Why It is Important to Have a Plan
While ending a relationship is never easy, high net worth couples face some unique additional challenges. A high net worth divorce does not always have to be a nasty fight. Before filing for divorce, it is imperative that you make a plan. With a well-crafted strategy, you can effectively protect your rights, your interests, and your family. Here, our Boca Raton and Coral Springs divorce lawyers explain the key things to think about if you are going through a high net worth divorce in Florida.
Preparing for a High Asset Divorce in Florida? Four Considerations
- Know the Total Value of Your Property, Assets, and Debts
Under Florida law (Florida Statutes § 61.075), a high asset couple’s marital property is divided into equitable shares. An equitable distribution can be, but is not always, a 50-50 split. One of the most important steps of planning for a high asset divorce is taking a comprehensive inventory of your property. You need to know the true value of everything you own.
- Mitigate Any Damage to Your Underlying Financial Holdings
Do not let your divorce damage your financial interests. It is much easier to reach a favorable divorce settlement if you can maximize the value of your assets. You do not want to damage business interests, incur avoidable tax liabilities, or do anything else that could undermine your collective financial interests.
- Find the Right Solution for Your Family
Even if feelings are raw and emotions are high, most people want to find an effective, low conflict settlement to their divorce. Indeed, few divorces in Florida go to trial. Instead, high net worth couples are often able to finalize their divorce through mediation and/or negotiation. Some of the benefits of these solutions include:
- Privacy. You can keep your divorce out of the public record.
- Cost Savings. You can save time and money on legal fees.
- Better for Relationships. Collaborative solutions are especially effective for parents or other people who want to preserve relationships, especially if minor children are involved.
Of course, reaching a high net worth divorce settlement is not easy. You should enter the process with a plan. You need to know the value of your assets and define your objectives for reaching a fair, favorable settlement.
- Do Not Let Your Rights and Interests Take a Backseat
Finally, it is important to emphasize that you do not have to let your parental rights or financial interests take a backseat. Although most high net worth divorces are better solved outside of the courtroom, exceptions exist. You always have the right to litigate your case if your former partner simply refuses to negotiate in good faith. A divorce litigation attorney can help.
Call Our South Florida Divorce Lawyers for a Confidential Case Evaluation
At HVW Law Group, our Florida family attorneys have the knowledge and legal experience that you can rely on. If you have any concerns about high net worth divorce, we are more than ready to help. Contact us now for a completely private family law consultation. Our divorce attorneys represent clients in high assets divorce cases in Broward County and Palm Beach County.