High Asset Divorce Tips

If you find yourself facing the prospect of getting divorced in Florida, this is no doubt one of the most difficult things you can get through if you don’t have the right support. This situation becomes even more complex when you get concerned about your ability to move on from a marital dissolution financially.

A high asset divorce has unique considerations and concerns. This is why it’s a good idea that you hire a knowledgeable Miami divorce attorney as soon as possible after you decide to move forward with divorce.

It is also beneficial to speak to a divorce lawyer if you suspect that the other spouse is having initial consultations with a divorce attorney as well. Having your own consultation with a divorce lawyer will allow you to better understand the issues in play and what you can do to protect yourself going forward.

The outcome of a high net worth divorce case can significantly impact your future. What follows are four steps you need to take in order to protect yourself, if you find yourself in this situation.

Do Not Hesitate to Get Legal Help Immediately

If you suspect that the other spouse has already set up legal consultations or is preparing to serve you with divorce papers, getting help from a lawyer immediately is very important. This allows you to determine what is the next appropriate step and how you can fully protect yourself.

Waiting too long to get a lawyer does not bar you from being able to reap the benefits of working with an attorney, but it is far better if you can consult this person sooner rather than later so that you can anticipate what is going to happen rather than coming from a position of only being able to react to it.

Put Together an Inventory

Prior to heading into a divorce, it is important that you know the location and the value of all items. This represents not just physical assets in your marriage, but other items such as stock and retirement accounts too.

Having a comprehensive inventory will allow a more appropriate division of assets. Failing to include the assets at all could mean that you lose out on the benefit of having them divided and being distributed equally.

This becomes especially important in the situation where you suspect that the other spouse is attempting to hide assets. Make sure you have shared this concern with your Florida divorce attorney so you have most appropriate strategy going forward in order to ferret out this information and use it in your inventory.

Close Joint Accounts and Joint Credit Cards

In a high net worth divorce, there is a good chance that you have multiple credit cards and multiple joint accounts. Since these are seen as property between both spouses, you want to close these out before the other spouse has the opportunity to run up debt in your joint name.

Even after you get divorced, the fact that both of you are on this account could tie you both to significant debt. Any credit cards with a very high limit should be closed immediately.

Set Up Your Own Accounts and Review All of Your Documents

If you have more advanced estate planning techniques such as trusts in place, it becomes all the more important to set up a meeting with an attorney immediately to talk about how these will be affected if at all by your divorce.

Likewise, you need to set up banking accounts in your own name and verify that all of the beneficiary details on high value items such as your IRA have been updated to reflect a new beneficiary.

Even if you put together a will and outline that someone else aside from your spouse should receive these materials, joint accounts or an IRA is going to use the information you distributed on your paperwork. This means that your former spouse may actually be entitled to recover assets that belong to you or another beneficiary if you do not take these steps.

Get in Touch with Divorce Attorney at Florida Today

Finding a Florida divorce attorney who has experience with high net worth situations is strongly recommended to give you the peace of mind and the confidence that someone is looking out for your best interests during a very difficult time.

Do not wait to get the help you need. Talking to a lawyer sooner rather than later will give you a road map of what to expect.

Wealth, marriage & divorce in Miami: how to protect yourself,  Learn: https://www.carolanfamilylaw.com/getting-divorce-in-miami-how-can-i-protect-myself/