Divorcing in Broward County or any other Florida location is always a trying experience for the entire family. When you add high net worth to the mix, it can raise the stakes for everyone and make dividing assets even more complicated. However, with a little forethought and attention to detail, the process does not have to be more stressful than any other divorce. Both spouses can make dividing assets in a high asset divorce easier by keeping a few things in mind during the procedure.
One way a high net worth divorce differs from other divorces is the inclusion of larger or more valuable assets. In some cases, there can be millions of dollars at stake and each spouse rightly wants his or her fair share. As such, the proper valuation of assets becomes extremely important. A valuation expert can examine the couple’s assets to determine their value, which can assist in dividing property fairly.
The lifestyle that both spouses have come to enjoy is also an important consideration when high assets are involved. Both divorcing couples and the courts consider the lifestyle factor, particularly when one spouse has greater wealth than the other spouse. Analyzing the lifestyle habits as well as where the couple spent their money during the marriage can assist in creating a fair and balanced division of assets.
A third area to address during a high asset divorce is the existence of life insurance policies. The couple can engage a life insurance expert to determine both the value of the policies and how to distribute them fairly.
Finally, it is wise not to overlook the guidance a divorce attorney can offer to couples in a high net worth divorce. Often, an attorney who has experience handling this type of divorce can offer couples insight and practical solutions they may have not previously considered.
Source: Forbes, “Getting The Most From A High-Dollar Divorce,” Russ Alan Prince, accessed July 07, 2015