When it comes time to put all of your personal possessions on the table, figure out how much they’re worth and split them up, most people associate it with death — because that is what happens during the probate process after we die. Unfortunately, though, in some circumstances we have to endure this kind of financial examination while we’re still alive — and it happens during divorce.
It seems that the more money a couple has, the more scrutiny and legal hurdles they will have to endure during divorce proceedings. That is because well-to-do spouses tend to have more marital property and more kinds of property, all of which can become a real headache when it comes to time to trying and figure out who gets how much and what.
This is where a highly experienced Florida divorce attorney can be invaluable. An attorney can help a spouse figure out what property will be classified as marital property by a family law court and how the court will likely divide that property. There are a lot of things to consider in this regard too — like potential tax liabilities, the liquidity of the property, the fluctuating value, when it was purchased, who purchased it, how it was acquired, etc.
For example, one of these issues that divorcing couples often forget to consider relates to tax liabilities. Let’s say a piece of jointly owned marital real estate property has risen significantly in value over the years. The property might be worth $3 million, but that is very different from a bank account with $3 million in cash. For one, when the property is liquidated it could trigger hundreds of thousands of dollars in capital gains tax liabilities; therefore, the true value of the property in terms of asset division must be adjusted to account for those liabilities.
At Thompson Family Law, PA, we are highly familiar with the needs of high net worth spouses going through divorce proceedings. Furthermore, our staff is available to answer any divorce-related questions in a free, no obligation legal consultation.