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Will My Net Worth Complicate My Divorce?
It’s no secret that the divorce process can be emotionally stressful — and oftentimes financially stressful as well. If you or your spouse is a high net individual, here’s what you need to know about filing a high net-worth divorce.
What is Considered a High Net-Worth?
Typically, if you or your partner have a net-worth that exceeds $1 million in net liquid assets, this is considered a high net-worth. These assets may include:
- Businesses and professional practices.
- Stock accounts.
- Offshore bank accounts.
- Stock options and executive compensation.
- Deferred compensation.
- Art collections and other collectibles.
- Pensions.
- Retirement accounts.
- Marital and personal debt.
- Real estate — including the marital residence, vacation homes, and rental properties.
The incomes of you and your spouse will directly affect how much you’re deemed to pay in child support, spousal support, and how the assets are divided during the divorce proceedings. Identifying, valuing, and distributing these assets can become challenging without legal counsel.
Do I Need a Lawyer for a High Net-Worth Case?
Florida is an “equitable division of marital property” state — which means that property is divided between parties based on circumstances of the case, not evenly. Additionally, Florida law mandates that all property and financial assets that are acquired during a marriage are considered marital assets. Therefore, dividing marital properties in a high net-worth divorce can require additional steps. Hiring a seasoned, experienced high net-worth attorney can help ensure that your case is resolved with as little issues as possible.
Sarasota FL High Net-Worth Attorneys
For seasoned, sophisticated help with a high-asset divorce, take advantage of our unique level of training and expertise at Schipani, Norman & McLain, P.A.. Schedule a consultation by contacting us at (941) 499-8154, or contact us online. We serve clients in Sarasota, Bradenton, and other communities in southwest Florida, offering evening and weekend appointments based on your needs.
