As stressful as the Florida divorce process is in general, a high-asset divorce can multiply the tension and stress substantially. When it comes to dividing assets such as businesses, high-value real estate, priceless artwork and offshore bank accounts, it can sometimes be difficult to determine whether full-disclosure is at play.
Most Florida couples do not expect to find themselves unfortunately wading through a divorce after 50 years of marriage. However, it is becoming more common, and presents its own set of unique challenges. Late-in-life divorce is also sometimes referred to as a "silver divorce" or "gray divorce." Often, these are the result of infidelity, regrets or financial issues that have taken place over a number of years.
Whether entering into a simple, no asset divorce or a complex, high asset litigation, one thing remains the same; it is usually a stressful time. In the divorce of a high-profile couple with a multitude of assets to valuate and divide, there are a whole host of reasons to work hard at reaching a settlement agreement outside of court.
A Florida resident may be pleased to find that a long-lost relative left them a small fortune as an inheritance. This unexpected windfall may enable the recipient to improve their lifestyle, make desired investments, or simply build up their own portfolio of assets for the future benefit of themselves and their relatives.
Going through a divorce can mean giving out a lot of information about one's financial situation and property holdings. Ending a marriage is only one of the legal matters that is addressed during the divorce process, as courts must also contend with support needs, property divisions, and child custody plans. In Florida, a person may be subject to discovery efforts to ensure that they have fully disclosed all issues that may be relevant to the divorce.
Unfortunately, greater than half of all first marriages end in divorce and those numbers increase for second and third marriage. As a result, it is important to know how a family business may be handled during a divorce.
Family law is a broad area of the law that helps families and couples in Florida through some of the most challenging personal issues they face. It offers a variety of tools and resources. Couples struggling with child custody or child support concerns, or facing a divorce, should understand the tremendous amount of help those family law resources can provide.
When a divorcing party is asked to list the assets they share with their soon-to-be ex, some obvious items may jump into their mind first. They may think of their home and their cars, as well as personal property like furniture, jewelry, and any artwork they may own. They may focus on the things that they can see and touch, but they may forget some of their most important and financially-significant assets: investments, business holdings, and retirement funds.
Property division during divorce can be overwhelming, especially if the parties do not know what to expect. It can be even more complex in circumstances of a divorce between spouses with a high net worth.
A divorce can be a financial nightmare. Even those with high incomes and significant assets may find it difficult transitioning from a marital relationship into a single lifestyle. At least one of the spouses will likely have to find a new place to live, and both will have to make ends meet without the combined income of two earners.