High Asset Dissolution
In some marriage dissolution proceedings, the division of marital assets is not a difficult issue because there are only a few assets worth a relatively small amount. In high net worth divorces, by contrast, the spouses often need to hire an entire legal and financial team to analyze assets, investigate hidden types of property, and ascertain the value of business partnerships. If that sounds like your situation, it is vital to consult a skilled divorce attorney in the Fort Lauderdale area who is familiar with this complex area of the law. At Stok Folk + Kon, our strong grasp of financial issues allows us to provide particularly knowledgeable advice to individuals undergoing a high asset divorce.Pursuing High Asset Dissolution
This process typically refers to couples that have high income and substantial personal resources as they are going through a divorce and trying to divide their property. High asset marital estates present complicated valuation and tax issues.
It is important to understand the difference between marital property and separate property, also known as non-marital property. Separate property consists of assets or possessions that one spouse acquired prior to the marriage or obtained during the marriage as a gift or through inheritance. It also includes any property that is defined as separate property through valid agreement, income earned as separate property and not commingled with the marital property, and any items purchased with one’s separate property. Separate property is owned by one spouse alone and is not subject to division at the time of a divorce. If there is any controversy about whether assets are separate or marital, the individual claiming that they are separate has the burden of showing that they should not be divided.
On the contrary, marital property is owned by both spouses and is subject to “equitable division” at the time of divorce. Marital property is defined as all assets and debts that either spouse acquired throughout the course of the marriage. It is irrelevant whether the property or debt is only in one person’s name in deciding its status. Marital property may include income, property, stocks, bonds, retirement accounts, benefits, insurance policies, personal properties, and more.
What is considered equitable will vary depending on the facts of the specific case. It does not always mean an exactly equal split between the spouses, but rather a division that is fair. If there is a valid pre-nuptial agreement, the court will enforce the terms of that agreement. If there is no prior agreement, or if the agreement is invalid, the judge has the discretion to consider a number of factors. These may extend to the length of marriage, each spouse’s economic position, each spouse’s debts and liabilities, each spouse’s monetary and non-monetary contribution to the marriage, and many more.Discuss Your Family Law Matter with an Fort Lauderdale Attorney
If you live in the Fort Lauderdale area and are going through a high net worth divorce, the capable family law lawyers at Stok Folk + Kon are ready to assist you. We aim to help our clients avoid making costly mistakes that could adversely affect their long-term financial situation. We understand that this aspect of divorce is critical to your future as well as the future of your children. You can expect the deepest respect and professionalism from our entire team. Call us today at (954) 237-1777 or contact us online for a free consultation. Our clients come from Hollywood, Fort Lauderdale, and throughout the rest of Florida.