High asset divorce, taxes and avoidable expenses

On Behalf of | Dec 1, 2017 | High Asset Divorce |

Divorce is rarely simple, but when a couple with significant assets chooses to divorce, both spouses may have a number of issues to consider that other couples never encounter. In the eyes of the law, divorce is more or less the same as dissolving a business partnership, and requires spouses to agree on a fair way to divide their marital property, including both assets and liabilities. While any couple who divorces must address marital property, spouses in a high net-worth marriage may find that they face significant tax burdens once the divorce finalizes.

If you are approaching divorce involving significant assets, or if you’re already in the middle of it, be sure that you seek out professional representation that understands how to truly protect your interests and priorities. You may find that the tax implications or associated costs of keeping or forfeiting a particular piece of property changes your position on the property altogether.

For instance, you may prioritize keeping a certain piece of real estate. Depending on the nature of the home, you may encounter greater taxation than you anticipate, as well as the ongoing expenses of maintaining the home itself. While this is not necessarily a reason to abandon the home as a priority in the divorce, it is important to make sure that you understand the full scope of the expenses that keeping the home may entail.

Regardless of the significance of your assets, a calm, respectful divorce is possible. If you want to prioritize a respectful divorce while keeping your rights and priorities protected, an experienced divorce attorney in Ft. Myers who understands the local court system as well as the nuances of dividing complex assets fairly can help. Proper legal counsel can help you anticipate the tax implications of keeping certain assets and guide you as you create a strategy that truly addresses your needs in the long run.

Source: CNN, “Top 10 Mistakes in High Net Worth Divorces,” Joey Battah, accessed Dec. 01, 2017