Individuals who have a significant income or own assets of considerable value often find themselves in a unique position during a divorce. Some high asset individuals who acted as the primary breadwinner during the marriage may worry about losing certain assets in the divorce. High asset individuals also tend to have a public persona and may be concerned that their divorce will negatively impact their image.
Whatever the case, high asset divorces come with their own unique challenges and setbacks for all parties involved. Understanding what to expect from your high asset divorce can help you move forward with confidence.
Be Prepared for a Tricky Child Custody and Support Dispute
High asset couples often provide high-quality amenities for their children, such as education at a private school, aid from professionals such as tutors and nannies, and extracurricular activities such as vacation or study time abroad.
During the divorce process, the court tries to ensure that any children involved maintain the same quality of life post-divorce that they enjoyed while their parents were married. In high asset divorces where one spouse is the primary breadwinner, this can result in significantly punitive child custody or support judgments for the high asset spouse.
High-income individuals may also run into similar issues when it comes to dictating alimony payments, which is why having a divorce lawyer experienced in high asset divorce is vital.
Property Division Is Often Difficult
Florida courts divide property 'equitably,' which means the parties involved don't necessarily split property 50/50 in a high asset divorce. If one party makes significantly less money than the other and is also relatively unemployable, the court may award that party with valuable assets to help them maintain a certain quality of life.
In high asset divorces, valuable assets that both parties have a significant emotional attachment to are common. Be prepared to negotiate with your soon-to-be-ex, and to lose some assets you care about. If you and your spouse are still amicable, attempt to negotiate a mutually beneficial property division before pursuing your options more aggressively.
Be Aware of How Divorce Impacts Businesses and Investments
If you own a business that your spouse has contributed significantly to throughout your marriage, be aware that the court may ask you to buy your spouse out of the business during the property division process. This applies to any shared assets your spouse contributed to, such as shared investments or bank accounts.
You should work with your lawyer to understand how your business stands to be impacted by your high asset divorce. The sooner you know what the worst-case scenario is, the more quickly you can begin to make plans and secure your interests.
Divorce is never easy, but having an attorney you trust at your side can make the process significantly more tolerable. For a consultation from an experienced divorce lawyer, contact our firm online or give us a call at (407) 315-2006