Division Of Assets In A High Net Worth Divorce
The division of assets is often a contentious issue in divorce because their allocation can have a significant impact on your life after divorce. Possessions that hold personal meaning can make the property division process even more challenging.
In a high net worth divorce, the allocation of property will set the stage for the financial future of the individuals involved. It is important that this process be handled properly. Having a knowledgeable lawyer on your side is critical.
At the Law Offices of Kelley A. Joseph, P.A., we are familiar with the complex financial issues that arise in divorce, and we are adept at providing guidance on the division of considerable assets to high net worth individuals.
When you retain our firm, we will walk you through the valuation process and review the financial ramifications associated with the following types of assets:
- Businesses and other professional practices
- Vacation and investment properties
- Future pension, 401(k) and other retirement accounts
- Stocks, options, bonds, trusts and bank accounts
- Valuable fine art including paintings, sculpture and ceramics
- Collectible vehicles including cars, boats and motorcycles
We will work with you to develop a plan for your assets. We will make sure you understand the financial ramifications involved. We start by valuing your assets.
The Importance Of Accurate Asset Valuation
The allocation of assets is about much more than deciding who will get what. To ensure the assets are handled fairly in divorce, we must identify their value at the beginning of the marriage as well as at the end. This is especially important with businesses, whose value may be influenced by factors such as accounts receivables and business debts, including tax obligations.
People choose our firm because they know we are committed to thorough preparation. When evaluating the value of assets, we utilize appraisers, accountants and other financial experts to ensure we have a valuation that is strong enough to hold up in litigation. We are able to take an aggressive stance when establishing values because we are confident in our preparation.
Uncovering Hidden Assets
Unfortunately, it is not uncommon for a spouse to attempt to conceal assets during the divorce process. We are familiar with the tactics used to hide money and other investments by divorcing spouses. We are adept at uncovering hidden assets by using tracing and forensic accountants to track down these assets and have them included as part of the marital estate.
The Advantage Of Negotiating A Property Settlement
In contentious divorces, it can be tempting to throw up your hands and go to court to litigate these issues, but there are reasons why you should wait.
The first obvious reason is the cost. It is expensive to litigate. You already know this.
The second reason is control. Negotiating a division of property enables you to stay in control of the outcome. When you litigate property division matters, you put a judge in charge who does not care about your individual circumstances. A judge’s only concern in property division matters is to ensure that property is divided fairly. This does not necessarily mean equally.
Plan For The Future. Call Our Fort Lauderdale Office Today To Discuss Your Divorce.
Kelley A. Joseph’s role as a family law attorney representing high net worth individuals is to help them navigate the divorce process, while ensuring their interests are being protected. For high net worth individuals considering divorce, it is often beneficial to meet before the divorce has been initiated to plan for what is to come.