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Special considerations in high net worth cases

On Behalf of | Feb 25, 2020 | Divorce

Most divorces in Florida are going to involve some level of property division. The vast majority of couples own at least some property in common, and many will have property like a family home, joint bank accounts and modest retirement plans.

Those with minor children will also have to figure out child support, child custody and the like. Alimony may also be an issue in many cases, particularly if the spouses do not make roughly the same incomes.

In high net worth cases, couples will face the same issues, but with some additional complications which make these types of divorces particularly nuanced and delicate.

For example, many high net worth couples may own businesses, investment real estate, or other property which is a bit more difficult to pay a precise value on. One will have to coordinate with a number of experts in order to do so.

Not taking this step can mean that a person will wind up not getting an equitable share of the property.

Likewise, many high earners also receive a variety of benefits, including stock options, guaranteed bonuses and the like. These sorts of incentives raise issues with respect to property division as well as alimony and child support.

Many wealthier couples will have complicated estate plans and financial arrangements in place both for tax and for other reasons, and a pending divorce may have an impact on these plans.

Finally, however a high net worth couple decides to divvy their property and otherwise resolve their divorces can have significant tax consequences which, if not attended to, can cost Lake County residents thousands of dollars.

When a couple is contemplating a split and has a lot of wealth, they will have many extra legal hurdles to navigate.  They will often need a team of people, including an experienced family law attorney, to help them do so effectively.