Common Assets In A High Value Divorce
High value, or high asset, divorce cases are often incredibly complex and involve a multitude of issues surrounding property division, spousal support, and child support. Spouses in high income divorces often must determine what to do with significant assets, many of which are not at issue in lower value divorce cases. At the law office of Blair H. Chan, III, our experienced Tampa divorce attorneys have successfully managed high asset divorces and understand the intricacies involved in this type of case. To learn more, call or contact our office today to schedule a consultation.
Primary and Vacation Homes
The primary residence is often one of the most significant assets in a high value divorce. For many high-income couples, they also own additional properties like vacation or ski homes. As an equitable distribution state, couples must divide their assets equitably, but not necessarily equally. If a couple owns more than one property, they may be able to offset some of the equitable distribution by dividing real estate. If a couple only owns one home or one property is valued significantly more than the other, then a lawyer can help negotiate an asset division that works in your best interest.
Owning a business or having financial interests in a company is another asset common in high value divorce cases. The spouse with business interests must decide what they want to do with that asset prior to entering into property distribution. If the spouse wishes to keep their business, they may need to offset its value with other assets like a home or personal property. A prenuptial or postnuptial agreement may also dictate what happens to business interests in a high asset divorce.
Jewelry, Artwork, & Collectibles
High income couples also often have high value personal property like jewelry, artwork, and other collectibles. When these assets must be divided in a high value case, the first step is assessing the value of each item. These types of items may also fluctuate in value individually or as a set. There are different methods of appraising items of value, and an experienced attorney can help determine which is best for the items in your case. The next step is dividing these items of value equitably between spouses, which often requires substantial negotiation either in traditional litigation or in divorce mediation.
Retirement, Investments, & Securities
Retirement accounts, investments, and other securities are the last category of assets that couples in high income divorce cases must divide between them. Determining what are separate and married assets is often the first step in dividing these accounts, and once these assets are divided some may require a qualified domestic relations order (QDRO) in order to transfer the assets from one spouse to the other.
Call or Contact The Office Now
Are you facing a high asset divorce and do not know where to start? If so, the experienced Florida divorce lawyers at the law office of Blair H. Chan, III are here to help. Call or contact the office today to schedule a case consultation.