April 8, 2021
Divorce can be a stressful time not only because of the emotional distress you face but also due to the financial issues you need to deal with. For example, suppose your partner runs a family business, or you have a high-earner spouse with multiple employment benefits that you don’t understand. In that case, you need help handling a high-asset divorce.
Unlike divorces between partners with a standard amount of assets, yours is considerably more complicated. To help you learn more about a high-asset divorce, consider this article as your guide.
What Is the Proper Asset Classification for My High-Asset Divorce?
The first step you and your partner need to take is to classify assets and debts as either separate or marital property. Marital ones are subject to equitable distribution, while separate assets will be kept by the spouse who owns them. This process may seem simple because it is straightforward, but it can be complex in a high-asset divorce.
For instance, under Florida divorce law, the property may be subject to equitable distribution if it has been commingled with your spouse or other marital property. It can happen if you live in a house bought before you get married, and one spouse uses marital funds to make home improvements or pay the mortgage.
If you are having trouble classifying assets and debts, make sure to hire local attorneys specializing in high-asset divorces. This way, you are assured of having a professional by your side who can keep your best interests in mind.
Can My House Be Divided for a High-Asset Divorce?
If you own a house and want to sell it as part of a divorce, you will have to include a partition claim in the divorce paperwork. The property may be sold or divided among the parties once the partition is granted. If the home is divided, you likely need an appraisal to ensure a correct value to it.
On the other hand, if the property is not sold as part of the divorce, you or your partner will have to pay a monthly mortgage. Both of you may still be liable to the bank if the spouse must make payments fails to pay.
If you and your spouse signed the promissory note, the divorce settlement would not abolish the bank’s obligation. The spouse will need to seek indemnification from the party who has to pay under the divorce settlement agreement. You can avoid this issue by requiring a refinance to be completed. This way, the non-paying party will be released from liability by the bank.
Can I Keep the Pets after My High-Asset Divorce?
In some states, like Florida, the law views pets as property. Therefore, the court will not allow for any time-sharing orders of pets. You or your partner will have sole ownership of them. If you want to share custody of your pets, it will be at your discretion, and you have to work it out yourselves.
You and your ex-partner can expect the process of a high-asset divorce to be extraordinarily long and complex because it often takes a substantial amount of time to come to a fair compromise. It is primarily because both ends have plenty to lose if you agree right away to the other party’s terms. To ensure the divorce moves quickly, remember the information in this guide and hire an experienced attorney.
If you are looking for a divorce lawyer in Jacksonville, reach out to The Dorsey Law Firm JAX. We have been practicing family law for over 35 years, which means we have the knowledge and experience to represent you and help you achieve the best possible outcome for your case. Schedule a consultation today!