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High Asset Divorce Archives

Make sure your divorce doesn't threaten your credit score

A fundamental part of almost every divorce is dividing up assets and liabilities in a fair way that a court will approve. As part of your property division negotiations, it is common for one spouse to assume the consumer credit debts of another to even out property division terms. However, if these issues are not carefully examined and resolved as part of the divorce negotiation, creditors may continue to pursue both parties for payment if one party does not uphold his or her end of the agreement to repay the debt.

Legal separation offers struggling couples options

Divorce is complicated process, and while it does resolve many conflicts in marriages that cease to function, it is not the only option that couples have under the law. In some cases, couples may find that pursuing a legal separation allows them to "restructure" their marriage to create a stronger, lasting relationship. In others, a legal separation may simply create a civil, responsible preamble to a successful divorce, offering couples time and space to consider the divorce carefully and ensure that each party receives fair consideration.

How much of your marriage's debt should you take in a divorce?

When couples with significant complex assets choose to divorce, reaching fair agreements surrounding property division is often very difficult. This is even true in instances where both spouses prioritize a peaceful divorce process and fair property division terms. While those who have relatively few assets or debts between them may find it possible to quickly divide up a handful of things and go their separate ways, divorces involving robust estates often require complicated assessment and negotiation.

High asset divorce, taxes and avoidable expenses

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.

Is fair property division possible in divorce?

Property division during divorce may play out many different ways, depending on the individual factors in your marriage as well as the laws that Florida has in place that govern property division. Unlike some other states like California and Texas, Florida uses the "equitable distribution" model of property division. This means that a couple may divide assets and liabilities held within their marriage many different ways as long as both the spouses and the court agrees that the division is fair and legal.

High asset divorces and where to file

When a couple with significant assets chooses to divorce, they may face a number of complicated issues that other couples never encounter. One of the most common complications is where to actually file for divorce, which may greatly affect the outcomes of the process. While many couples may think, "Of course I'm going to file my divorce where I live," many wealthy individuals may have grounds to claim residence in a number of places, and each of them may provide distinct advantages or disadvantages.

How can I keep my high-asset divorce private?

For many couples undergoing a high-asset divorce, maintaining privacy is a very important matter. Often, when there are significant assets at stake in the divorce negotiations, it can suddenly become an issue of public interest, which is usually an unwelcome addition to any divorce. If you hope to maintain your privacy throughout your high-asset divorce, you must make it a priority as soon as possible.

Avoid emotional choices during a complex divorce

Divorce is never pleasant, even if it is relieving. However, when the marriage involves significant assets, many spouses suddenly become unhealthy, unreasonable versions of themselves, making choices that they might not otherwise consider. If you face a high-asset divorce, you should be careful to get all the emotional and professional guidance you need to keep yourself healthy and avoid compromising decisions that could cost you immensely in the long run.

Beware lingering credit between divorcing spouses

When divorce comes knocking on the door of a couple with complex assets, it is often a monumental feat to separate out these individuals' financial lives. Marital property applies to both assets and liabilities, and most couples with significant assets also carry complicated debts. If you're facing a divorce and concerned about how you will address your intricately entwined financial lives, you should consider enlisting the guidance of an attorney with experience handling complex assets. Careful assistance can help you navigate this minefield and protect yourself from the dangers of having your credit remain tied to a former spouse.

Protecting your inheritance from divorce

If you and your spouse are headed toward divorce, you may some concerns about protecting resources you received from your family. Under general divorce laws in every state, including Florida, inheritances are generally protected separately from other types of property. Whereas marital property must undergo fair division in a divorce, inheritances usually do not qualify as marital property. However, there are some circumstances that can complicate this issue.