High Net Worth Divorce

Okaloosa County High Net Worth Divorce

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Divorce is rarely easy for anyone, but for those of high net worth, it can be a struggle. People of high net worth are defined as anyone who has at least $1 million in liquid assets, meaning it can be converted to cash at any time. These divorces are also much more high profile and can involve scandal. Divorces including high net worth individuals call for an elevated level of legal expertise and financial sophistication in addition to a sense of discretion.

If you’re interested in getting a divorce, talk to one of our experienced Okaloosa County divorce attorneys about your case as soon as possible. We can look at your situation and make skilled recommendations about your best course of action.

Get your case started by calling us at (850) 610-7471 today!

Considerations in a High Net Worth Divorce

The most complicated aspect of a high net worth divorce is property division and spousal support. These issues can often be highly contentious, as those of high net worth have many assets to lose. Likewise, if one spouse has more assets than the other and can afford a more affluent lifestyle, often the spouse with less money will attempt to receive spousal support payments or a higher result from property division.

Likewise, those who are divorcing a person of high net worth often need to consider hidden assets. High net worth individuals know how to protect their property, so they might attempt to hide portions of their income in offshore accounts or through other means. Alternatively, a spouse could be using marital money to pay for an affair. If you suspect your spouse of hiding assets, you should consider hiring a forensic accountant, who can audit business records and determine whether assets have been unlawfully hidden or liquidated.

Tips for a High Net Worth Divorce

High-asset divorces are more complicated during the property division process because those of high net worth often have incredibly complex financial portfolios. If you’re planning on divorcing and you are of high net worth or are married to someone of high net worth, here are a few tips to keep in mind before you even file for divorce.

Collect financial documents - When you go through property division, you will save yourself and your attorney time by gathering up as many financial documents regarding your assets as possible. From receipts to tax documents, these will all be needed to document which property belongs to which spouse.
Don't assume you'll get spousal support - Spousal support isn’t awarded as often as it used to. Now, there is an increasing number of dual-income households, meaning both spouses work to contribute to marital savings. When they divorce, one spouse might not be entirely dependent on the finances of another to survive. Therefore, if you have a decent job with good income, a judge may not award you any spousal support, even if your spouse is a high net worth individual.
Be aware of debt - All assets and debts will be split during property division during the divorce unless any of them belonged to the spouses before the marriage or after the divorce filing. Even if one spouse accumulated a massive amount of credit card debt through reckless spending, the other spouse will likely be on the line for the debt if the first spouse declares bankruptcy.

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Call Us About Your Case Today

If you’re interested in beginning the divorce process, let us help. Our skilled Okaloosa County family law attorneys understand the complex nature of high net worth divorces. We also appreciate how sensitive they can be and will exercise utmost discretion in handling your case. Let us see what we can do for you.

Contact us at (850) 610-7471 or fill out our online form to schedule a case consultation with us today.

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