News seems to spread fast along the Gulf Coast – especially when a politician is involved. In Pasco County, for example, a county commissioner is embroiled in a messy divorce complete with criminal domestic battery charges, although those charges were later dropped. According to an article in The Tampa Tribune, this divorce has the potential to get costly. The commissioner’s net worth was listed as $4.4 million in 2012, and it likely that the commissioner and his wife also have significant assets, including real estate, business assets, pensions, and property interests.
Even in the best of cases, when both spouses are cooperative, a high asset divorce generally involves complicated asset valuation and asset division. These are often complex situations due to both the value of the marital property and the diversity of it.
In the worst of cases, where one or both spouses are not willing to cooperate, a high asset divorce can become much more challenging. Asset division will likely be subject to numerous disputes and some assets may be difficult to find or purposely hidden in an offshore account.
The Florida commissioner and his soon-to-be ex-wife are in the midst of a high asset divorce, and both have legitimate claims on their marital property that will ultimately be decided by the court unless they can somehow come to an agreement.
There is no legal separation requirement to file for divorce in Florida, and Florida is a no-fault state. The more complex asset division becomes, the more important it is for you to have legal representation. It is a must for any divorce.
Source: TBO The Tampa Tribune, “Schrader Divorce Could Get Costly,” Laura Kinsley, June 23, 2013