If you and your spouse are divorcing after building significant financial security together, complied with countless assets, your divorce may face some unique circumstances. Couples with a large number of high valued assets can have trouble reaching an agreement for their future, drawing out their divorce process. Therefore, it is important to an employ an experienced attorney, to ensure your divorce process is fair, your rights are protected, and it does not take longer than necessary.
The first step in this process is to compile an accurate list of all the assets between the parties, and determine a proper value for each. The list of assets may include anything from homes, land, boats, cars, planes, investments, retirement accounts, bank accounts, brokerage accounts, art, jewelry, stock, insurance policies, or pensions. This list is not exhaustive, and it is important to note every asset available to the couple, both marital and non-marital; therefore, you may need to look at past tax returns or contact your accountant to determine an accurate list.
After finding a list, proper valuations of the assets must be made. Although some item’s values are easily attainable such as stock investments, bank accounts, or retirement and pensions, others are not as straight forward. Valuation experts are typically needed in these cases. These individuals are trained to properly assess the value of different forms of property, such as art, jewelry, property, or businesses. After determining an approximate value, divisions of these assets are easier to negotiate with your spouse.
Two other issues that commonly arise within a high asset divorce are the awards of child support and alimony. Typically, in cases where the couple has significant assets, they have a higher standard of living and their expenditures are outside the average couple. All of which are taken into account when determining child support and alimony. For instance, in a child support award the court may look to the current education and third-party support of the child; including private education or employment of nannies, or tutors. Further, if the child is engaged in extracurricular activities, clubs, or camp activities the court will attempt to keep the child’s life as consistent as possible and ensure a child support award accounts for these certain factors of the child. Further, payment of these extra activities may also need to be discussed in a drawn out parenting plan between the parties, especially if the couple chooses to allocate the costs of college expenses with their assets.
Finally, alimony is also one of the highest points of contention in a high asset divorce as with high assets comes a higher standard of living. The court will consider the standard of living enjoyed by the couple during their marriage and the ability to continue this into their single lives. Further, the court will look to the assets available, education of the parties, length of the marriage, and even tax brackets if necessary, to do equity between the parties. Alimony can become complex when the number of assets between the parties is great, and it could be argued that alimony may not be necessary with the amount of assets awarded, or is necessary to maintain the standard of living while retaining the assets. Therefore, it is important to have an aggressive and knowledgeable Orlando Divorce Attorney to work with you.
High asset divorces are not an uncommon case for our attorneys. We are experienced in these matters and can ensure your rights are protected as well as the unique factors of these divorces are addressed in your case. Contact us today.
Speaking to an attorney at our Orlando office is free of charge, and we accept calls 24 hours a day, 7 days a week. Contact us at 407-512-0887 or complete an online contact form to get in touch with a member of our team today.
If you and your spouse are divorcing after building significant financial security together, complied with countless assets, your divorce may face some unique circumstances. Couples with a large number of high valued assets can have trouble reaching an agreement for their future, drawing out their divorce process. Therefore, it is important to an employ an experienced Orlando Divorce Attorney, to ensure your divorce process is fair, your rights are protected, and it does not take longer than necessary.
The first step in this process is to compile an accurate list of all the assets between the parties, and determine a proper value for each. The list of assets may include anything from homes, land, boats, cars, planes, investments, retirement accounts, bank accounts, brokerage accounts, art, jewelry, stock, insurance policies, or pensions. This list is not exhaustive, and it is important to note every asset available to the couple, both marital and non-marital; therefore, you may need to look at past tax returns or contact your accountant to determine an accurate list.
After finding a list, proper valuations of the assets must be made. Although some item’s values are easily attainable such as stock investments, bank accounts, or retirement and pensions, others are not as straight forward. Valuation experts are typically needed in these cases. These individuals are trained to properly assess the value of different forms of property, such as art, jewelry, property, or businesses. After determining an approximate value, divisions of these assets are easier to negotiate with your spouse.
Two other issues that commonly arise within a high asset divorce are the awards of child support and alimony. Typically, in cases where the couple has significant assets, they have a higher standard of living and their expenditures are outside the average couple. All of which are taken into account when determining child support and alimony. For instance, in a child support award the court may look to the current education and third-party support of the child; including private education or employment of nannies, or tutors. Further, if the child is engaged in extracurricular activities, clubs, or camp activities the court will attempt to keep the child’s life as consistent as possible and ensure a child support award accounts for these certain factors of the child. Further, payment of these extra activities may also need to be discussed in a drawn out parenting plan between the parties, especially if the couple chooses to allocate the costs of college expenses with their assets.
Finally, alimony is also one of the highest points of contention in a high asset divorce as with high assets comes a higher standard of living. The court will consider the standard of living enjoyed by the couple during their marriage and the ability to continue this into their single lives. Further, the court will look to the assets available, education of the parties, length of the marriage, and even tax brackets if necessary, to do equity between the parties. Alimony can become complex when the number of assets between the parties is great, and it could be argued that alimony may not be necessary with the amount of assets awarded, or is necessary to maintain the standard of living while retaining the assets. Therefore, it is important to have an aggressive and knowledgeable Orlando Divorce Attorney to work with you.
High asset divorces are not an uncommon case for our Orlando Divorce Attorneys. We are experienced in these matters and can ensure your rights are protected as well as the unique factors of these divorces are addressed in your case. Contact us today.
Speaking to an attorney at our Orlando office is free of charge, and we accept calls 24 hours a day, 7 days a week. Contact us at 407-512-0887 or complete an online contact form to get in touch with a member of our team today.