What To Do, And What Not To Do, When Getting A High Net Worth Divorce
When an individual or couple gets a divorce and they have a high net worth, it is a much more complex process. The potential for conflict is much greater with high net worth couples, and that will end up costing both parties more in time, money, and effort. Fortunately, this does not always have to be the case. Knowing the things to do, and the things not to do for high net worth couples is a great help when trying to ensure the divorce proceeds quickly and smoothly.
Do Take a Full Inventory of Your Assets
The Florida Statutes stipulate that when a court is dividing a couple’s marital property, including assets and debts, they should start with the presumption that the distribution should be equal, but the court can determine that another arrangement is more fair. The division of property is much more complicated for high net worth couples. To prepare yourself for the process, it is important to take a complete inventory of all your separate and marital assets so you know exactly what you own.
Do Not Hide Property or Assets
Florida law requires all divorcing couples to provide full disclosure about their assets and debts. If you intentionally hide assets, you will face serious consequences. A judge will not look favorably upon the fact that you tried to hide assets and may even award your spouse a greater share based on that fact alone.
Do Obtain a QDRO Before Dividing Retirement Assets
It is not uncommon for high net worth couples to have a significant amount of savings in retirement accounts. Dividing retirement savings poses its own unique challenges, with one of them being that you will need to obtain a Qualified Domestic Relations Order (QDRO) before the savings are divided. A QDRO will help ensure that you can divide the savings accounts without incurring any tax penalties or early surrender fees.
Do Not Think Litigation is the Only Way Forward
It is natural for couples to assume that before their divorce becomes final, they will have to go through a long and costly divorce battle. When high net worths are involved, that seems like an even likelier scenario. Fortunately, there are many ways to get a divorce in Florida, and most of them do not involve litigation. Mediation and collaborative divorces are just as appropriate in high net worth divorce cases as they are in any other, and they hold many benefits. One of the biggest for couples, particularly those with a high net worth, is that the settlement agreement remains confidential.
Do Work with a Family Lawyer in Tampa Bay
At All Family Law Group, our Tampa family lawyer has the legal experience to ensure your rights are protected at all times. If you have questions about your high net worth divorce, or you do not yet have legal representation, call us today at 813-672-1900 or fill out our online form to schedule a free consultation so we can advise on your case.