Common Issues in Florida High Asset Divorces
If you are planning to file for divorce or have recently filed, you should know that high asset divorces in Florida tend to have complications that might not arise in other types of divorce cases. While there is no particular income amount or definition to define a high net worth divorce, in general, wealthy couples with various types of assets will need to learn more about some of the complexities that tend to occur in high asset divorce. When you are ready to get to work on your case, you should seek advice from an Orlando divorce attorney who has experience assisting clients with various legal matters that can arise in a high net worth divorce case.
Difficulties Valuing or Appraising Certain Types of Property
Certain types of property can be difficult to value, particularly items that often fluctuate in market value such as art or rare books. Many couples who are anticipating a high net worth divorce may share an art collection, for example, that will require assistance from an appraiser who can provide an up-to-date market value for individual items.
Problem of Concealed Assets
Concealed or hidden assets can be a major problem in high net worth divorces. If one spouse wants to avoid having assets classified as marital property and divided according to Florida law, that spouse might attempt to hide or conceal certain assets. There are many different ways that assets can be concealed. You may require assistance from a forensic accountant who can track down the assets to ensure they are properly classified and, if appropriate, divided between the parties according to the theory of equitable distribution.
Issue of Paying for a Divorce Lawyer When One Spouse Controls the Money
In many high net worth divorces, one of the spouses was the primary earner during the marriage, and the other spouse was a stay-at-home parent or a homemaker. In such situations, the spouse who was not the primary earner might lose access to marital funds and accounts during the divorce process. Accordingly, that spouse can have serious concerns about being able to afford an attorney who can help to ensure that divorce case goes smoothly and that there is truly an equitable distribution of all marital property. You should know that Florida law anticipates this type of circumstance and specifically allows a spouse to see reasonable attorney’s fees from the other spouse under particular circumstances.
According to Chapter 61 of the Florida Statutes, in cases for dissolution of marriage, spousal or child support, or time-sharing, “the court may from time to time, after considering the financial resources of both parties, order a party to pay a reasonable amount for attorney’s fees, suit money, and the cost to the other party of maintaining or defending any proceeding under this chapter, including enforcement and modification proceedings and appeals.”
Contact an Orlando Divorce Lawyer Today
If you have questions about high net worth divorces or need assistance with your case, one of our experienced Orlando divorce lawyers can help. Contact Anderson & Ferrin for more information.