August 4, 2022
A high-asset divorce, often referred to as a divorce with a high net worth, frequently involves valuable assets, such as closely held business interests, stock options, deferred income, trust funds, real estate partnerships, and so forth. It seems that when more assets are involved, the divorce will get more difficult.
It’s essential to be informed of the following things due to the intricacy of a high-asset divorce so you may make the best decisions possible:
It Takes Longer
It could take some time for your high-asset divorce attorney to ascertain the precise value of the marital assets in contention. This is the main reason this form of divorce takes longer to settle.
If you’re going through a high-asset divorce, be sure you understand this and have patience. If you hurry the process, you can lose money. You can end up losing things that you own.
It’s Crucial to Handle Your Money Well
Any high-asset divorce lawyer would advise you to begin your case by first assessing your financial situation. Because the court will thoroughly study your financial records before the ruling, this is crucial.
Many people have trouble gathering financial data on their assets. Pressure can build since this process must be completed by a specific date. But it’s important to get this right. It is best to check with an experienced high-asset divorce attorney to handle your finances.
Have all your financial papers prepared before the proceedings begin to get a head start. You’ll come across as a reliable and responsible person with clear communication, which could work in your favor.
You’ll Probably Notice a Change in Your Taxes
Regardless of whether you are going through a low-asset or high-asset divorce, it would help if you considered the tax implications. Your marital assets will be subject to payment, some of which may be subject to excessive taxation.
Rich couples would be best served to be aware of any potential tax ramifications before getting divorced because divorce has both advantages and disadvantages. For instance, the property can be transferred tax-free between spouses following a divorce.
But if you don’t know how it works, you can end up paying far more than you wanted to. When the tax regulations change, an experienced high-asset divorce lawyer can help you decide how and when to modify your strategy. By doing this, you save money on additional taxes.
Property Division Could Be Challenging
In a high-asset divorce, separating the separate property from the marital property is essential. Marital property is commonly defined as any assets obtained during the marriage and is subject to joint ownership by both parties. But if one of the partners receives an inheritance while the couple is still married, it will be considered separate property and will not be distributed in the case of a divorce.
This can seem rather straightforward before considering the idea of “transmutation.” Transmutation enables the separate property to be treated as marital property by uniting the two different categories of property. Therefore, separate property may also be divided.
Divorce Is More Expensive Than Usual
A high-asset divorce is more expensive than a conventional divorce for obvious reasons. The incomes of each party as well as the worth of the marital property is typically considered in a high-asset divorce.
As a result, a divorce involving a large number of assets, such as real estate, business, or other financial assets, may also involve a large number of high-net-worth assets.
Having a knowledgeable family lawyer on your side is essential throughout this process. They’ll fight for your interests while upholding a just and painless legal process.
The Best Line of Action Is Typically Mediation
Because cases the court handles become a public record, high-net-worth couples who want to keep their divorce proceedings private may use mediation for their high-asset divorce settlement. Additionally, because it is speedier than the normal trial process, this kind of dispute resolution allows couples to make important decisions without allowing a judge to decide their future.
But this doesn’t make mediation any less difficult. Careful planning and organization are necessary to achieve the desired outcomes, which is why you should select a reputable high-asset divorce legal firm to represent you in court.
Benefits of Hiring a High-End Divorce Attorney
High-asset divorces usually involve high incomes, expensive homes, business assets, stock holdings, retirement savings, and more. To ensure fair procedures, it is suggested to speak with a lawyer from a reputed local divorce law firm.
We’ll ensure that you know all the assets, qualifications, and rights. If Florida laws affect your specific circumstances we’ll keep you informed and create a plan that works best for you.
It maybe necessary to audit and value business assets. The presence of a lawyer with experience in corporate asset accounting can be crucial. They’ll also be able to connect you with forensic accountants, who focus on reconstructing a spouse’s financial condition from the most basic information and valuing businesses and other assets.
To sum up, having a skilled high-asset divorce attorney on your side could be highly beneficial to your case.
You’re in the right place if you’re seeking skilled and competent divorce attorneys. In Jacksonville, Dorsey Law JAX has the top divorce attorneys. When it comes to offering legal services to clients from all across Florida, we have more than 35 years of experience. To schedule an in-person appointment, contact us right away!
July 29, 2022
Child custody mediation is a process that allows divorcing parents to come to an agreement about custody and visitation outside of court. In mediation, both parents, their lawyers, and a neutral third party (the mediator) meet in an office setting. The mediator helps the parents communicate with each other and work towards a custody agreement that is in the best interests of the child. Mediation is often less expensive and less stressful than traditional custody litigation, which often pits one parent against the other.
The Benefits of Child Custody Mediation: What to Know
1 – Decreases Stress on the Children
No matter how amicable the divorce may be, it will still be a major change in the lives of your children. Mediation can help reduce the stress and anxiety that your children feel during the divorce process.
2 – Creates a More Amicable Relationship Between Parents
During mediation, you will have to communicate with your spouse about your children. This communication can help improve the relationship between you and your spouse. This can be beneficial for your children because it can make it easier for you to co-parent.
3 – Reduces the Cost of the Divorce
Mediation can save you money on the cost of your divorce. Mediation is typically less expensive than going to court. You will also save money on attorney’s fees.
4 – Allows You to Create a Parenting Plan That Works for Your Family
During mediation, you and your spouse will create a parenting plan. This parenting plan will be created specifically for your family. This is beneficial because you can create a plan that works for your family.
5 – Helps You to Communicate With Your Spouse
Mediation can help you to communicate with your spouse. This communication can be beneficial for you and your spouse. This communication can also be beneficial for your children.
6 – Saves Time
Mediation is a process that can help you resolve disputes without going to court. It can be faster and cheaper than going to court, and it can also help you preserve relationships. In mediation, a neutral third party called a mediator helps you and the other person or group involved in the dispute to communicate and try to reach an agreement.
7 – Helps You to Be in Control
Mediation can help you to be in control of your own divorce. You will be able to make your own decisions about your divorce. You will not have to rely on a judge to make these decisions for you.
8 – Encourages Positive Conversation
While you can create a parenting plan on your own, many couples find it helpful to work with a mediator. A mediator is a neutral third party who can help you and your spouse communicate and come to an agreement on the terms of your parenting plan.
Mediation is an alternative to a traditional divorce. It is a way for you to get divorced without going to court. Mediation is not right for everyone. You should talk to a lawyer to see if mediation is right for you.
Should you be in need of a good family lawyer, contact Dorsey Law JAX. We have top Jacksonville Attorneys specializing in family law, criminal law, and personal injury.
July 18, 2022
If you are a parent who is married, you are legally obligated to support your children. This is true even if you get divorced. Both parents must continue to provide financial support to the child until the child turns 18. However, sometimes one parent may not be able to afford to support the child. If this is the case, there may be a few ways for you to avoid paying child support in Florida.
Here’s what you need to know about this topic:
Child Support in the State of Florida
In the state of Florida, the law requires both parents to support their children if the parents are separated or divorced. This means both parents must continue to provide financial support to the child even if one of the parents does not have custody of the child anymore.
The court can order both parents to support their child by making payments to the support collection unit. If the parent does not make the payments, the collection unit will then go after the parent for the owed back child support.
How Child Support Is Determined in Florida
The amount of child support each parent will pay is determined by state law. The amount of child support depends on certain factors, including:
- Parent’s wage, bonuses, commissions, and tips
- Spousal support
- Social Security payments
- Disability benefits
- Retirement or pension plans
- Unemployment assistance
- Property ownership
- Other forms of compensation
After the total amount of a parent’s gross wages is calculated, deductions are subtracted from the amount, including taxes, spousal support, and any additional child support payments. This net amount is then used to get the total amount of money you should pay by using specific state-mandated guidelines.
Child support payments continue until the child reaches the age of 18. In some cases, like if the child has a disability or is still in high school after the age of 18, payments may continue for a longer period of time.
How to Stop Child Support Payments
If you do not want to continue to pay child support, you have the right to limit or stop your child support payments. You can do this by filing a motion with the court. However, you will have to show the court reasonable grounds for your request.
There are several reasonable grounds that you can use to get the court to stop your child support payments. One of the most common reasons is if the child is over the age of majority. You can also seek to terminate your child support obligation if you have been disabled and no longer have the ability to work. If you are working, but you cannot afford to continue paying your child support, you can also ask the court to terminate your payments.
If you are a parent who is living in Florida and you are experiencing financial problems, you may want to consider avoiding making child support payments. This can be done by filing a motion with the court. Here, you will have to show the court that you have lost the ability to continue making your payments. Your financial condition will be analyzed by the court and if you are able to show that you are not able to avoid paying child support, your request may be approved.
If you have been ordered to pay child support and you want to stop making these payments, you need to contact a Florida family lawyer to help you take the proper legal action.
Dorsey Law JAX can provide you with the legal expertise of trusted family lawyers in Florida. Get in touch with us so we can discuss your case!