All divorce cases have the potential to become complex, but this is particularly true when a divorce involves many assets or a high net worth for one or both parties. If you are going through a high asset divorce, our Orlando family lawyer explains the top five things you need to know below.
Patience is Important
No one wants to go through a divorce that is long and drawn out, but these cases sometimes take time. Due to the fact that high asset divorces involve so many complicating factors, such as retirement accounts and division of businesses, these cases typically take longer. While you are certainly anxious to move forward in your new life, it is important to remember to be patient. If you settle too quickly just to get the whole ordeal over with, you may not receive the fair settlement you deserve.
Consider Your Debts
It is easy to become most concerned about the assets involved in a high net worth divorce. However, there are other property division matters you must also consider and that includes the debts owed by you and your spouse separately and jointly. If you do not identify all debts and include them in the final divorce decree, it may result in an unfair division of them.
Do Not Hide Assets
People are sometimes tempted to hide assets when they are going through a divorce, so they are not subject to division. It is very important to know that if you do this, the Court will find out and you may face civil and criminal penalties. Not only will a family law Judge look unfavorably on you, which will hurt your case, but you may also be charged with fraud.
Options for Dividing a Business
It is not uncommon for high asset couples to own a business, or several businesses together. When this is the case, there are many options for dividing the company. One of you can keep the business and buy out your spouse, or you could sell the business and divide the proceeds from the sale. Lastly, and less commonly, you and your spouse could decide to continue operating the business together even after the divorce.
Retirement Savings and Investments
The most challenging aspect of dividing retirement savings and investments is determining which portion of them are considered marital property and which are separate. This is very difficult sometimes, particularly when one spouse already had the savings or investments before they entered the marriage. Anything owned prior to the marriage is separate property, while any funds accumulated after the wedding are marital property.
Our Family Lawyer in Orlando Can Help if You are Considering Divorce
If you are thinking about divorce and it will involve high assets, don’t go through the process alone. At O’Mara Law Group, our Orlando family lawyer has the necessary experience to help you through the complicated process so you receive the fair settlement you deserve. Call us today at 407-634-6604 or fill out our online form to schedule a consultation.