Gavel on chalkboard with broken hearts and wedding bands in each half of the heart over the word written chalk "divorce" of a High Net Worth Divorce Attorney Tampa FL

High Net Worth Divorce Attorney Tampa FL

If you are going through a divorce, it is important to make sure that you are represented by a Tampa, FL high net worth divorce attorney with experience. Finding the right divorce lawyer can be a challenge, but it is worth the effort in order to ensure that your divorce proceedings are handled with the highest level of care and expertise. High net worth divorce lawyers are uniquely qualified to handle the complex legal and financial matters that often accompany divorce cases involving high asset couples. Learn more about how an attorney can help your case, and then contact one today at The McKinney Law Group.

Dividing Up Assets

The first step your attorney will take is to identify what assets exist in the marriage. This includes both assets owned by the individual spouses and assets jointly held. The attorney will then determine how each asset should be divided up according to Florida law. This can include splitting assets equally or in proportion to each spouse’s contributions. Your high net worth attorney will then prepare all the necessary paperwork to transfer the assets to their respective owners. This includes deeds, titles, contracts, and other documents. Your attorney will also help you protect your rights and interests throughout the process, ensuring that you get what you are entitled to from the divorce.

Custody Arrangements

When it comes to custody arrangements, a Tampa high net worth divorce attorney is essential for obtaining the best outcome for their client. Financial considerations are often taken into account when deciding on a custody arrangement. This means that the court may look at the ability of each parent to financially provide for the child. In addition, the child’s mental and emotional wellbeing are also taken into consideration when making a decision. Plus, your lawyer will be able to help negotiate an arrangement that meets both parents’ needs while considering the child’s best interests.

Maintenance and Support

The spouse with the higher income may be required to pay maintenance or alimony to the other spouse. This is typically done to ensure that both spouses are able to maintain a similar standard of living after the divorce. Maintenance payments can be set up as either lump sums or periodic payments, depending on the needs of each spouse. In some cases, a court may also order temporary maintenance payments while the divorce is still pending.

Tax Implications

Not all assets are treated equally when it comes to taxes, so it is important to understand what will be taxed and how much. For example, income from investments will be taxed differently than money received from the sale of a business. They can also explain how alimony payments can be structured for tax purposes. Your divorce attorney can also help you make sure that both parties understand any tax liabilities associated with the divorce settlement. This includes making sure the division of assets is fair and equitable, which could mean one spouse taking more assets than the other in order to pay off a certain tax liability.

Retirement Accounts

Whether the assets are held in a 401(k), IRA, or another type of retirement plan, an experienced divorce lawyer will ensure that each party receives a fair share of the funds. An attorney can look at your assets and retirement plans to help you best protect yourself. Contact a Tampa high net worth divorce attorney at The McKinney Law Group today for help!

Understanding the Role of Alimony In High Net Worth Divorces 

When you are trying to fight for your fair share during the divorce process, a Tampa, FL high net worth divorce attorney understands that the process can be complicated no matter which side you are on. If you are the one in the marriage with a high net worth, you may be thinking that you are the one who has worked hard to earn this title and you don’t want your ex-spouse taking something they haven’t earned out of the marriage. On the other hand, if you are the spouse that is not considered as having a “high net worth”, you may believe that getting a certain amount of alimony is only fair, especially if you stayed home to raise children and left your job or education. When you work with the team at The McKinney Law Group, know that you will be with an attorney who will fight for your rights during the divorce and be there every step of the way. 

Is alimony always the answer? 

Not necessarily. There is almost never one answer that fits every type of divorce and even if you think that alimony would be fair, this doesn’t mean it will be awarded. Just like couples in a simpler divorce case (not a high net worth case) would do, you can either work with your partner to create a spousal support (alimony) plan on your own, with the help of lawyers, the help of a mediator, or the help of a judge. If you are able to sit down with your lawyers and a mediator and hash out a fair plan for alimony, you will save time and money. If your divorce is bitter and you take it before a judge, you are leaving the decision up to the judge. 

Is it more likely that the low-earning spouse will be awarded alimony? 

Though there is never a guarantee, a Tampa high-net-worth divorce attorney knows that it is very likely a judge will examine your case and require the high-net-worth individual to pay alimony to the lower-earning spouse. They will take many factors into account when making this decision, including: 

  • The sacrifices one spouse made. If the low-earning spouse left their education and their job to take care of the home and raise children, the judge in your divorce case will take this all into account. 
  • There is a large pay gap. If one spouse makes significantly higher than the other (and both spouses have jobs), then a judge will likely award alimony to the spouse who makes less. 
  • The marriage lasted a long time. This is always a factor that a judge will take into consideration when looking at divorces and alimony. A judge will look at whether the marriage was short- or long-term and will use this information when coming up with a number for alimony. 

When you are about to embark on the high-net-wroth divorce process, there is too much at stake to do this on your own. Instead, work with the attorneys from The McKinney Law Group to see how they can help you through the process. For more information on what our Tampa high net worth divorce attorney can do for you, give our office a call.