NAPLES, Florida. Divorce is difficult enough for the average couple, but a high asset divorce can take those challenges and multiply them. Not only do high asset couples need to consider child custody and division of property, but they may have to consider what assets were brought into the marriage and what assets are community or shared property. Furthermore, high asset couples may have a prenuptial agreement, which might sometimes be contested, especially if it is particularly unfavorable to the non-moneyed spouse. High asset couples also may have more to lose when the time comes to reach a divorce settlement. When you take a highly-emotional situation and add money to the mix, it is important to have a qualified divorce lawyer on your side. Long & Alguadich, P.L.L.C. are divorce attorneys in Naples, Florida who work with high asset couples who are getting divorced. Here are five things to consider:
- Avoid settling too quickly just to end the marriage and “get it over with.” Individuals might want to settle quickly for many reasons. Some are ready to move on and have already found someone else. Others are in pain and don’t want to suffer through a long litigation process. According to CNN, a high asset divorce can be compared to the dissolution of a business. Couples should take their time and consider their rights and options.
- Consider the tax consequences of your divorce. In the coming year, divorcing couples may see tax changes to how alimony settlement is treated by the IRS. If you are getting divorced this year, alimony payments will be exempt from taxes for the payee. It is important to carefully consider the tax liabilities your division of property, assets, and retirement accounts can raise.
- Try to keep emotions out of the settlement. The anger, grief, and stress of getting divorced can cause people to make irrational decisions. Remember that your money and financial future are on the line. Speak to a qualified divorce lawyer, like the attorneys at Long & Alguadich, P.L.L.C. in Naples, Florida.
- Consider hiring a valuation expert. According to Forbes, even a small mistake in a high asset divorce can cost you quite a bit. Hiring a qualified person to review your assets and liabilities might be a good idea.
- Consider your lifestyle. If one partner makes significantly more money than the other, the partner who makes less might have a significantly changed lifestyle after a divorce. Some high asset divorcing couples will have a lifestyle analysis performed to determine how much money in child support and alimony will be required. Child custody agreements are structured to ensure that the children can continue to enjoy the same lifestyle they had before the divorce. Understanding the cost of this lifestyle is crucial in showing the judge how much you might need.
If you are considering getting divorced, you may be facing stressful decisions, and may have many questions. It is important to find a neutral party to help you navigate the process. A qualified divorce lawyer can do just that.