Tampa High Net Worth Divorce Lawyer
Not all divorces are created equal. A divorce with very few assets involved is actually much easier than a high net worth divorce. That’s because there are so many more elements at play. High net worth divorces involve millions of dollars in assets, including bank accounts, retirement accounts, stocks, investments, real estate, vehicles, businesses, pensions, and more. On top of that, these assets often come from complex sources and may be easy to hide from the other spouse. Ideally, a high net worth divorce would have a prenuptial or postnuptial agreement in place to divide the assets and simplify the process. Unfortunately, this does not always happen, leading to nasty battles over who gets what.
High net worth divorces come with unique aspects. Get the help you need from an experienced legal team. The Tampa high net worth divorce lawyer at Faulkner Law Group, PLLC can assist you in getting a divorce with less stress.
Elements of a High Net Worth Divorce
A high net worth divorce often encompasses elements such as:
- Family owned businesses, sole proprietorships, or other companies
- Intangible assets such as real estate portfolios and brokerages
- Complex pensions, profit sharing plans, and other retirement plans
- Deferred compensation
- Military divorce with retirement
- Highly volatile investments
- Unsecured debts
- Assets owned before the marriage
- Hidden assets
- Significant debt increase before divorce
Complications in Income
High net worth divorces also tend to have complicated income structures. Some examples include the following:
- Income significantly fluctuates from one year to the next
- Income derived from investments
- Business income that is retained by the business and not distributed,
- Deferred or delayed income
- Income is possibly being paid to someone else but there is no paper trail
- Unrealistic depreciation of capital assets
- Spouse is receiving income that is difficult to track
Hiding assets is a strong possibility in a high asset divorce. That’s because there are often so many assets involved that a spouse thinks nothing of hiding something from the other. They may fail to disclose stock accounts or cryptocurrency. They may take off with jewelry or cash. However, hiding assets affects the divorce process, since a judge cannot fairly divide assets. On top of that, it is illegal.
A person should never hide assets in a divorce. They will get caught and face penalties, such as fines and higher alimony payments. The other spouse may get awarded more assets. In some cases, the person can face criminal charges for fraud.
Contact Us Today
Amassing millions of dollars in assets is a great thing to accomplish, but dealing with this situation can be tricky in a divorce. High net worth situations can be complicated, so get the right legal help. Contact the team at The Faulkner Law Group, PLLC to get your divorce settled with ease. We can help you negotiate while representing your best interests. Fill out the online form or call (813) 544-3919 to schedule a consultation with our Tampa high net worth divorce lawyers.