No matter the situation, divorce is inherently complicated. It’s rare for those with a strained relationship to agree on terms and, unfortunately, the involvement of wealth can make it more difficult to reach a favorable settlement.
It’s natural to protect your individual interests. However, whether business ownership, investment portfolios, inheritance, estate plans or retirement accounts are at stake, you may not know where to begin.
Consider these three factors before dividing marital property
Florida is an equitable distribution state, though multiple factors could affect property division. This may include contributions to your home life, children’s care or spouse’s success, as well as the length of the marriage and any alleged harm done to the family’s economic situation.
Before you agree to terms:
- Seek reputable legal guidance. Experienced representation is often a significant factor in a favorable divorce settlement. It’s vital to set realistic expectations from the start and in many cases, such as a high-conflict situation, a strategic solutions-oriented approach to resolution is best for all involved.
- Determine your marital assets. It’s virtually impossible to determine what’s fair until you have an accurate accounting of the assets at stake. A comprehensive business valuation is vital in entrepreneurial situations, and a forensic accountant can help unveil hidden assets.
- Consider the potential tax implications. Changes in tax liability often coincide with a willingness to compromise. Before you agree to dissolution terms, think about what effect they might have on your tax bill. Real estate interests, an ability to claim dependents and the receipt of alimony are likely worth long-term calculation.
A high-asset divorce typically involves a lengthy process of research, evaluation and negotiation since an equitable division of marital assets can set the stage for regaining momentum as a single person. However, throughout the process of protecting your interests to begin anew, being fair to yourself may be just as important as finding resolution with your former spouse.