Even the simplest uncontested divorce can be a complex affair. If parties disagree on how to move forward with the divorce or deal with valuable assets, it only complicates the divorce process further.
Today, we're covering how your high-asset divorce may differ from the average marriage dissolution. To schedule a consultation with our team and learn more about our family law services, contact us online or via phone at (305) 853-9161.
More Third-Party Professionals
Perhaps one of the largest differentiators for high-asset divorces is the number of third-party professionals that are typically involved in the divorce process.
In many high-asset divorces, the following professionals are called upon at some point:
- Property appraisers. Property appraisers can help parties in a divorce determine the true value of an asset or liability. Frequently, both parties hire their own appraisers, and then use the findings of their appraisers to negotiate a value for a given asset or liability. In some family law cases - such as those involving a family business - the court may require the parties to use appraisers to determine the value of the business before deciding how to distribute it.
- Certified Public Accountants (CPAs). For many individuals engaged in a high-asset divorce, a primary concern is how their taxes will change post-divorce. A CPA can help you understand the ramifications of your divorce for your tax bracket and what you can expect from your taxes moving forward.
- Forensic accountants. In a high-asset divorce, it's not uncommon for a party to try and hide assets from their spouse to try and get a better outcome in the property division process. Forensic accountants can help track down hidden assets, and, as a result, often play a key role in high-asset divorce cases.
In high-asset divorces, both parties typically stand to lose valuable assets or take on significant liabilities if the property division process doesn't go their way. As a result, parties often spend significant resources on leveraging third-party experts to their advantage, even if they generally agree with their spouse on how to proceed with the divorce.
The Divorce Is More Public
It's no secret that divorces are technically matters of public record. However, in the majority of cases, individuals such as journalists won't go digging around in court records for your average divorce.
Not so for high-asset divorces. It's not uncommon for journalists or other interested parties to dig into the records of a high-asset divorce when looking for an interesting local story.
As a result, many individuals engaged in high-asset divorces attempt to use processes such as mediation to make the divorce uncontested and attempt to resolve it out-of-court.
Monetary Awards May Be Greater
One of the most obvious consequences of a high-asset divorce is that monetary awards tend to be greater for the parties involved. Since the purpose of child and spousal support is, at least in part, to ensure the recipients maintain the standard of living they had while the marriage was in place, support awards in high-asset divorces tend to be significant - especially if the payor was the primary breadwinner.
There you have it! Some of the key ways a high-asset divorce differs from other types of divorce. Need help with your high-asset divorce? Look no further! To schedule a consultation with our team, contact us online or via phone at (305) 853-9161.