High Net Worth Divorce FAQ
Everyone who is getting divorced has a lot at stake – whether that means child custody, being able to live in the family home or some other major life component. The end result could be dramatically different. Being able to get through a divorce in Florida with minimal disruptions to your life is not an unreasonable goal. With the accomplished divorce lawyers from Korshak & Associates in Orlando, you’ll be able to count on attorneys who have decades of experience helping people reach their goals.
Asset division is especially important to those whose net worth is substantial. Feeling like you’re having to compromise or give up something important can have a major impact on your post-divorce life. Here are some high net worth divorce FAQ regarding some common issues:
The retirement accounts are all in my husband’s name because I didn’t work. Am I entitled to any of it?
The short answer: yes. Under Florida law, marital assets are divided equitably. These include something like a 401(k) account, IRAs or other pension accounts that might be in the name of the working spouse only. This ensures that both spouses are treated fairly. After all, those assets would be used to benefit both people had they stayed married, so the same should be true if they are divorced.
I’m worried my spouse is concealing assets somehow. Will those be accounted for?
Both parties in a divorce are required to divulge their financial picture, including assets that may not be known to the other party. Our firm works with forensic accountants to uncover hidden assets and make sure that you are treated fairly throughout your divorce.
What is marital waste?
Marital waste is when one spouse spends a great deal of money on something or many things, such as an expensive car or a piece of jewelry, that was just the wasteful use of community assets. Marital waste is something that may be considered in the property division part of the divorce, as the one who did the spending may not be entitled to as many assets due to their habits.
How do I protect my assets in divorce?
The best way to protect your assets is to have a prenuptial or postnuptial agreement. This document will detail which assets each party leaves the marriage with. However, any property and assets obtained during the marriage will be subject to division, and your options for protecting those are few to none.
What will happen to my investments in my divorce?
Your investments will be subject to equitable division in divorce, just as all marital property is. The shares and/or accounts will be divided fairly between the two parties. If any shares are sold or accounts are closed, before the divorce is finalized, both parties would pay capital gains taxes.