There are common threads seen through most divorce cases: child timesharing arrangements, spousal support (alimony), and distribution of marital assets. Even the most straightforward divorced is a nuanced challenge to all parties involved—and this is why it is highly recommended that you seek legal counsel. The right attorney is only going to make the process more efficient and potentially faster.
Added Layers Of Complexity
Working through parenting plans and the distribution of assets should be done through skilled legal professionals. And these are just the basics. One example of how these proceedings can become complicated is if there is a family business. Here are three ways this can be handled:
Not only will each party need to agree on which option to choose from, but they will need to arrive at how to do so together; or the Court will decide for them. For instance, they could sell the business. But what happens when they cannot agree on a valuation for the company or what price they will sell?
A high-asset divorces will always increase complexity. These couples usually have a significant amount of assets. They could be in multiple states and countries. There is also the high potential for a vast and expansive financial network. Assets may include:
Some of these assets may be held in trusts as well. In terms of investments and other accounts that contain pre or post-tax dollars, moving and distributing them is not straightforward. Depending on the account and the source of the money, there could be tax implications. And this could significantly decrease the value.
Dividing Marital Assets
Take everything mentioned above and realize that Florida is an equitable distribution state. Most states are. Each one will fall into one of two categories:
In a community property state, everything acquired during the marriage is owned equally by both people. Equitable distribution states seek to distribute property and assets in a way that is fair, reasonable, and equitable.
Although Florida uses equitable distribution, it still aims at dividing all marital property equally. You are not guaranteed to get half of the marital property. Your lawyer—and your former spouse’s attorney—could make arguments about the following: who contributed more to the marriage, or how one person gave a career for the other.
McKinnon Legal
If you are about to be involved in a high-asset divorce, contact McKinnon Legal to schedule a consultation. Instead of feeling overwhelmed by the complexities of your divorce, use our experience and advice to find the solution that fits your needs.
