Orlando High Net Worth Divorce Attorney
Divorces are complicated enough when the couple is middle class. When there are millions of dollars in money and assets involved, things are even more complex.
Typically, anything above $1 million is a high net worth divorce. Such a divorce involves many elements, with property division and alimony the biggest ones.
High-asset divorces follow the same laws and procedures as divorces where there are not a lot of assets involved. However, a more sophisticated approach is needed to ensure that assets are split fairly.
Need help with your high-asset divorce? Orlando high net worth divorce attorney Steve W. Marsee, P.A. Attorney at Law can guide you through this often complicated process.
Division of Assets
As with any divorce, a high net worth divorce involves splitting all the assets of the divorcing couple. To do this properly, it must be determined whether each asset is separate or marital property. Marital property refers to property acquired during the marriage. Any inheritances or property acquired before the marriage is considered separate property. It belongs solely to the spouse who owns it and is not subject to split.
The second step is to divide the marital assets according to what is fair. This depends on a number of factors that can vary based on the circumstances of the marriage. For example, the ages of the spouses, their general health, their contributions to the marriage, and their role in caring for the children will be considered. So are any prenuptial or postnuptial agreements in place. If either party was at fault for breaking up the marriage (such as adultery or abuse), that might be considered as well.
In any case, dividing assets in a high net worth divorce will likely require the use of financial experts, who will assign a value to every asset. This is different from a non-high net worth divorce, in which the couple simply produces bank statements to show their assets and then divide their accounts accordingly. This is because high net worth divorces often have numerous types of assets, such as stocks, retirement accounts, and other financial accounts.
In many high net worth divorce cases, there is one spouse who is financially dependent on the other. In these situations, the lesser-earning spouse has the right to seek spousal support, or alimony, to help maintain their lifestyle after a divorce. Alimony typically lasts until the recipient remarries or either party dies. The amount may be determined by agreement or court order, but may be tens of thousands of dollars a month or more.
Contact Us Today
High net worth divorces, such as those by celebrities and wealthy couples, can be complicated. There are millions of dollars at stake, and this can lead to contention between the parties.
Orlando high net worth divorce attorney Steve W. Marsee, P.A. Attorney at Law can help you with this complex type of divorce. We will help reduce drama and you get a favorable outcome. Call 407-521-7171 or fill out the online form to schedule a consultation.