While any type of divorce can be potentially complicated and overwhelming, high-asset divorces can be especially daunting. Not only are there often high stakes involved, but some cases may be very complex, making it hard to reach a settlement. It is important for people in Florida who are going through a divorce to understand the process to ensure they get everything they are entitled to when the divorce is finalized.
Couples should keep in mind the cost and value of their lifestyle, and work toward maintaining that after they go different ways. Whether one party earned a larger share of the family funds, or both parties involved had productive careers, mediation and planning will help both parties maintain the quality of life that they were used to living while they were married.
Couples may want to hire a valuation expert to determine the worth and value of the estate’s property, assets and marital property. These professionals are credentialed and have extensive knowledge of evaluating businesses, accounts, insurance policies, properties and other investment interests.
In some cases, spouses may try to hide assets or fail to disclose all of the property and assets they have in their possession. People may transfer expensive valuables to friends or family members and then attempt to reclaim them once the divorce is finalized. People should keep their eyes open for such a situation.
Finally, it is important to consider any tax consequences that may occur once the finances are divided. Assets may be taxed during the transfer or distribution process. Furthermore, alimony may also be taxed. It may be in the best interest of both parties to keep taxes in mind when separating their property and assets.