4 ways high-asset divorces are different from others
On behalf of Furr & Cohen, P.A. posted in Divorce on Wednesday, April 6, 2016.
We often talk about the fact that every divorce is different, and that is certainly true. However, there are similarities we see in different types of divorces that may help our readers going through those divorces prepare themselves for the road ahead.
For example, if you are getting divorced in Florida and there are significant assets at stake, you should be aware of some of the ways in which high-asset divorces differ from other types of divorces.
If you are going through a high-asset divorce, you can expect to deal with the following.
- Complicated assets to uncover: In these types of divorces, there are complex and sophisticated financial details to unravel. You can struggle to determine ownership of assets, categorize certain earnings as marital or separate and, as examined in this Miami Herald article, find hidden assets. Getting the full financial picture can require extensive financial support and guidance.
- Financial resources available: Having a lot of money can take the incentive out of a quick divorce. Instead, divorces can be drawn out and involve a lot of outside support and professional resources because the divorcing spouse or spouses can afford to do so.
- Accessibility of each person: People who own international businesses or are constantly working may not have time to engage in things like mediation or counseling due to their packed schedule. Being inaccessible like this can limit the resolution options available.
- Money as the answer: For as many problems as money can cause, it can also solve some problems as well. This is why many people will fight for spousal support or an extra percentage of property ownership. These financial elements can create some obstacles, but resolving them fairly can make a huge difference in a person’s future.
Money cannot buy happiness, but it can solve some of the problems associated with a divorce. Unfortunately, it can also complicate matters. Balancing problems with solutions and making sure the result is fair and satisfactory will be critical in divorces involving high net worth. Anyone involved in these splits will want to be sure they have legal counsel to help deal with the many challenges of divorce, including those discussed in this post.