If you own a significant number of assets, or generate substantial amounts of income and are facing a divorce, you may be able to salvage a large amount of your net worth. In a divorce, the more that you make, the more that you have at risk. The only situation where this is not the case is when you have established an ironclad prenuptial agreement. Without this in place, as much as 50% of the net worth you have accumulated during the marriage may go to your spouse – in some cases even more.
The best thing you can do is hire a divorce attorney in Florida to help you protect your assets. You can also use the information here to understand the steps you can take to protect yourself while going through a divorce.
Utilize the Services of Valuation Specialists
If you are a business owner, then your business may be divided when you get a divorce. This means that you have to figure out the value, which includes all the time and effort you have put into establishing it. You should never go into a settlement negotiation during a divorce without first understanding the value of your assets, such as real estate, a professional practice or your business.
Consider Using the Services of a Forensic Accountant
In some situations, when you are married you comingle your assets or funds. This can give the assets in question mixed characterization which makes pinpointing the exact source somewhat difficult. A forensic accountant can trace all assets and funds.
Determine the Strength of Your Pre- or Postnuptial Agreement
If you are planning to handle the divorce according to what is outlined in your prenuptial agreement, then you need to make sure that it has been well-drafted. If you have not disclosed certain assets or failed to have the prenuptial agreement handled according to the conditions, then it may be invalidated.
What are the Tax Consequences of a Divorce?
When you transfer your assets in a divorce, it will almost always involve certain (often significant) tax consequences for individuals who have a high net worth. You should have your accountant and divorce attorney collaborate to ensure that all asset transfers are structured in a way to mitigate the most tax liability possible.
Possible Alimony Obligations
For those who generate much more income than their spouse, and the lower earning person needs financial support, you may end up paying a significant alimony obligation. This will also have tax implications for both the one paying it and the one receiving it. Make sure your lawyer works to negotiate an agreement that is favorable to your bigger financial picture.
If you are going through a divorce and have a high net worth, you should not try to handle it alone. Hiring a quality divorce attorney is the best way to protect yourself. If you would like more information about this type of divorce, contact the divorce attorneys at The Law Offices of Aliette H. Carolan, PA by calling 305-358-2330.