Regardless of the specifics, the divorce process remains the same. Although high-net-worth divorces follow the same procedures; the components, considerations, and hurdles will likely differ drastically. Don’t assume that you are bound to the traditional process of litigation because your divorce is high asset. If you are committed to resolving your divorce through discussion and mediation, or even through the collaborative method, choose an attorney who shares your values and understands the complexities involved in these cases. Here is what you should do to prepare:
Know What Your Assets Are
Before we explain what you should take inventory of and why, know that Florida will divide your assets equally. The courts will begin with the premise that everything should be split equally, but there may be deviations from it. Start a spreadsheet that includes anything of value—even items you have a sentimental attachment to. Gather:
- W2s
- Bank Account Statements (children’s too)
- Retirement Accounts
- Investment Portfolios
- Debt Records
- Estate Planning Documents
- Pay Stubs
- Information About Your Cars
- Real Estate Valuations
- Businesses You Own
What Happens If I Don’t Have Access?
Gather the documents you can access, and speak with your attorney about helping to obtaining the rest. Both parties must disclose their financial information to the other under Florida law. If you or your spouse intentionally try to hide assets, not only could there be significant sanctions, but that may not put you in the best light with the court.
If you know that your spouse has an account or another asset you don’t have access to, explain this to your attorney. Don’t compromise yourself or your values by trying to uncover things. Your attorney has several legal options for rectifying this situation. Rely on their experience and advice.
Don’t Rush To Court
There is no mandate that a high-asset divorce must undergo an extensive, expensive, and potentially public litigation process. When you opt for a collaborative divorce, the attorneys agree not to pursue litigation with those collaborative attorneys (If either side decides to go to court, both parties must find new attorneys.) Furthermore, you are bringing your future into your realm of control. After a judge makes a ruling, there is no more room for negotiation and creativity that you can accomplish in an agreement.
Contact An Attorney Who Understands High-Net-Worth Divorces
One of the most critical components of a high-asset divorce is the division of assets. This includes having a comprehensive understanding of what you own and what everything is worth. You may need business valuations and appraisals—and we will coordinate them for you. At C. Alvarez Law, we are driven to find resolution peacefully, respectfully, and effectively. Contact us today to schedule a strategy session.
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