Property division can be one of the most challenging and time-consuming aspects of a divorce. The process can become even more muddled, therefore, if one or both partners in a divorce is a high net worth individual. Why high net-worth individuals often have a harder time divorcing is equitable division.
During property division, the couple’s marital assets will be divided equitably between them. People of high net worth often have incredibly complex financial portfolios, which could make it harder for a judge to decide who gets what. For example, a high net worth individual could be self-employed with additional income paid out through a profit distribution throughout the year at specific intervals, or the person could be the CFL or CEO of a business, where income is typically in the form of a bonus.
Because this financial snarl can sometimes be so difficult to deal with, spouses can either hire a forensic accountant to help them organize their information. A forensic accountant’s job is to follow the money. If either partner is hiding assets away from the other, the forensic accountant will find them.
All of these assets will be divided between the spouses in an equitable manner, meaning it won’t be exactly equal, but it will be fair. If you have more information about high asset divorces, or you’d like to begin a case, talk to our experienced Palm Harbor divorce lawyers today. Our team at K. Dean Kantaras, P.A. are attorneys you want on your side during a divorce. We would like to help you and your family face this challenging time with someone on your side. Our firm has been handling cases in Florida for almost 30 years, and our attorneys come highly rated. Trust us with your case. Contact us at (727) 939-6113 or fill out our online form to schedule a case consultation today.