Why High Asset Divorces Are So Complicated
If you are in search of a traditional divorce attorney, there are plenty of choices. If you are in a high-asset marriage and heading for divorce, however, you may be best served by an attorney and legal team that specializes in high asset divorces. A high asset divorce that appears to be heading in an amicable direction or that includes a prenuptial agreement can still benefit from this specialized legal representation.
What makes high-asset divorces different? Let’s take a brief look.
A High Asset Divorce Often Includes Businesses
Businesses can really complicate a high asset divorce. Its impact can depend on if the business was started prior to the marriage or during it, if other partners are involved, and how involved each spouse may be in its operations. Valuing the business can also be a complex process, requiring the need of a forensic accountant.
Non-Marital Assets May Be in the Mix
Non-marital assets are those that may be excluded from traditional marital assets. It could be gifts made to one individual or another in the marriage from someone outside the couple, an inheritance, or those that may be excluded by a previous agreement.
There Can Be a Need to Valuate Property-related
A high asset divorce can contain a large amount of valuable assets like vintage cars or a car collection, antiques, artworks, jewelry, coins, physical precious metals, and more. These will need to be valuated by a professional. One spouse or another may want to keep some pieces or a collection, and that too will add complexity to the process.
There May Be a Prenuptial or Postnuptial Agreement Involved
While prenuptial and postnuptial agreements can help clarify some areas involved in a high asset divorce, they must be properly and carefully crafted. They can be challenged if signed under duress or without full knowledge of a spouse’s real assets. An attorney experienced in prenup and postnuptial agreements who also specializes in high-asset divorces can be invaluable.
One Spouse May Have Hidden Assets
A forensic accountant can work with a high-asset attorney in uncovering assets that may otherwise go unnoticed. Hidden assets can reflect very unfavorably on the spouse who is not being upfront. This can be a significant issue in these divorces.
High-asset divorces can also be complicated by the presence of children, memberships in exclusive clubs, foreign investments or assets in foreign banks, and foreign real estate investments. Just determining what is financially at stake can be an elaborate investigative process.
This is not the time to rely on the services of a lawyer who may have assisted you with a lawsuit years ago. High-asset divorces deserve the representation of legal and accounting specialists.
If you live or have property in the Tampa Bay, Florida area, we invite you to reach out to us. Our initial consultation is free. Don’t make the mistake of simply hiring a divorce attorney when your future is at stake. Contact us today to get started.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law in Tampa, Florida such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at email@example.com.
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.