The division of marital property is often one the most stressful and contentious parts of the divorce process for many Florida spouses. This can especially prove true for instances where the total amount of eligible assets is greater than $1 million. Real estate properties, 401(k)’s and other financial accounts, business ownership, and many other financial matters are typically involved in these high-stakes proceedings that are commonly referred to as high-asset divorce cases.
The state of Florida is an equitable distribution state where a court will divide all of the qualifying marital property in a manner deemed most fair rather than simply splitting it equally. This can create a significant level of uncertainty as to what percent of the assets subject to division each spouse will ultimately receive. Certain steps can be taken to minimize the odds of issues and disputes arising before this critical part of the divorce process, including the following:
- Carefully identify all assets owned by both parties.
- Determine which assets qualify as separate property and which qualify as marital property.
- Be vigilant of the potential for hidden assets.
- Account for any possible third-party claims to certain portions of the marital property.
Beyond the specifics involving the marital property, there are many other important considerations for which to account before proceeding through a high-asset divorce. Determining possible tax consequences, evaluating the total amount of marital debt and factoring in potential child support payments are just a handful of items that can drastically impact one’s financial future post-divorce. Fortunately, an experienced family law attorney can provide Florida spouses facing these situations with much-needed peace of mind while also increasing their odds of achieving the best divorce settlement possible.