High Net Worth Divorces
Going through a divorce is one of the most difficult things that a family can endure and while the process is always difficult, it is made even more so when the couple in question has a number of valuable assets. These types of high net worth divorces usually require the deft hand of an experienced divorce attorney, so if you and your spouse are considering divorce and you have questions about how your assets will be divided, please contact a member of our dedicated legal team at your earliest convenience.
High net worth divorces are usually made more complicated by the fact that the parties have so many investments, assets, and different types of property that must be accounted for and divided. In most cases, assets fall under one or more of the following categories:
- Bank accounts;
- Retirement accounts;
- Stocks and bonds;
- Real estate;
- Vacation homes;
- Furniture; and
One of the first steps that a divorcing spouse should take is to begin compiling a list of all assets that the couple owns together or that were obtained during the marriage. The couple will also need to determine the value of the assets in question. In most cases, each item’s value will be determined at the time the parties file for divorce, so it is usually necessary to obtain new appraisals from a financial advisor.
Unfortunately, it is much easier for a spouse to hide assets during a high net worth divorce, so couples are encouraged to retain a specialist who can locate all of the parties’ property. Some of the most common ways to hide assets include:
- Transferring property out of one party’s name to that of a relative or friend;
- Stashing an art collection or other valuable personal belongings with a friend and then claiming that they do not exist;
- Withdrawing large sums of money and placing them in a different location under someone else’s name; and
- Making expensive purchases in hopes of making a profit by reselling the items after the divorce is finalized.
Those who fail to take steps to ensure that all of their assets are accounted for risk losing out on an equitable distribution of all of their marital property.
All assets and property accumulated during a marriage are considered community property and as such are subject to equitable division. However, assets that are acquired prior to marriage are treated as separate property and will remain in the sole possession of the original owner. Gifts received by one spouse, as well as inheritances are also not treated as marital property, as long as they are not commingled with the assets of the other spouse. In high net worth divorces, it is common for the parties to have valuable separate and community property, making it especially important to retain a financial advisor and an attorney before filing for divorce.
Get the Legal Representation You Deserve
To speak with experienced and compassionate Fort Lauderdale property division attorney Sandra Bonfiglio, P.A. about your own high net worth divorce, please call 954-945-7591 today. Our team is eager to assist you with your case.