April 5, 2022
When two people with a high net worth get a divorce, the procedure becomes exponentially more difficult owing to the magnitude of the assets that must be found, valued, and split. Furthermore, high net worth couples may face additional challenges when determining custody, child support, and alimony matters because higher income levels mean that the basic calculations that the state produces are no longer the presumptive amounts, and there are many ways support can be calculated that result in many different amounts.
Given the numerous moving parts involved in the dissolution of these marriages, it is critical to be aware of the frequent mistakes to avoid during a high net worth divorce that might adversely influence the outcome of your case.
Avoid the Mistake of Hiding Assets or Debts in a High Net Worth Divorce
Another serious mistake to avoid during a high-net-worth divorce is attempting to hide any assets or property from the other spouse. In most high-asset divorces, each spouse’s counsel may consult with a jointly or individually engaged forensic accountant to ensure that all assets are appropriately found and valued. As a result, attempting to conceal any holdings by failing to disclose them in the belief that they would be overlooked may not only be useless, but may also expose an offending individual to legal penalties in some situations, as well as a court awarding the non-offending spouse a greater distribution.
Accepting a Settlement Offer to Speed up the Process
Divorce is never an enjoyable experience. Emotions and stress levels can (and typically do) soar. Sometimes you just want to agree to whatever your spouse proposes for a property settlement so you can cut connections and move on with your life. This, however, may not be in your best interests.
You may have agreed to take too little or too much spousal and child support, and you may be receiving less than your fair share of assets. Furthermore, the future tax effects of your actions may not be noticeable right away, but unfavorable consequences may follow you for years.
Your divorce attorney will play a key role in helping ensure assets and liabilities are divided in a way that is in your best interest.
Avoid Lavish Expenditures During Your Divorce
In a high-net-worth divorce, both parties have a lot riding on the case’s outcomes. As a result, some high-net-worth spouses wrongly feel that by spending lavishly before filing for divorce, they may raise the alimony they may be entitled to, keep the expensive objects as part of their settlement, or simply try to keep that amount of money out of the final division. However, it is essential to note that this strategy is risky.
If you are caught spending lavishly before it is time, your spouse’s attorney has the right to ask for punitive damages for any unreasonable expenditures. Furthermore, your attorney may require you to disclose any pre-divorce expenditures, and the judge may end up attributing the money to your spouse.
Assuming Your Divorce Needs to Be Difficult
Anger and years of frustration may lead to nasty conflicts in many high-net-worth divorces. However, don’t expect your divorce to be a protracted struggle with your soon-to-be ex-spouse. If you and your attorney can reach an agreement in your best interests, you may be able to avoid the time and money that might come with unnecessary litigation.
Not Using a Skilled Divorce Lawyer
Don’t make the mistake of assuming that all divorce lawyers are the same. Although your coworker or brother may have had a positive experience with their attorney years ago, it is critical to select an attorney with whom you are comfortable working and who has the abilities and resources to assist you properly.
Conclusion
The stakes are high in any high net worth divorce, and it is essential to consult a skilled attorney to help ensure you do not fall victim to common high net worth divorce mistakes.
If you’re looking for the top Jacksonville attorneys specializing in family law, reach out to the Dorsey Law firm. With over 35 years of experience, we can provide you with help with your prenup and more. Contact us today at (904) 394-2865 for a consultation.
March 27, 2022
In Florida, child support orders may start for children when they are fairly young, and continue for years after their birth. A person’s life may change dramatically over the years; they might get a different job, earn promotions or raises, make less money if life changes such as injuries or other ailments prevent them from being able to work. When these changes occur, the child support order may no longer reflect the current life circumstances of the parents. Now, it’s important to note that these can only be changed in court.
The amount of child support paid may be too high or too low, depending on the circumstances. The child support order may be changed in these instances. However, not every change in the circumstances will result in a change in the child support order. Changes must be substantial and permanent in order to change the order.
So when can child support orders be changed? If you want to learn more about this, then we’ve got just the thing for you. Here’s a brief breakdown of what you need to know when it comes to modifying child support orders.
What Are the Requirements for Child Support Modifications?
If a substantial change in the circumstances results in a change of at least 15% of the child support order if the modification is requested within three years after the original order was made, or 10% of the child support order if the modification is requested after three years, it can be said that there has been a substantial change in the circumstances.
A substantial change in custody is a large, permanent change to an arrangement. These large shifts in living situations must be changes that will last longer than six months. Permanent changes to living arrangements generally need to be involuntary changes that occurred because of something that was out of a parent’s control, like a business downturn, or a significant raise for the other parent.
How Do You Make Child Support Modifications Official?
Parents can reach their own agreements on child support, but anyone can ask the court to change the order. The person who wants to change the amount needs to file a petition with the court and have a hearing where they present evidence. If one parent doesn’t follow this process, then the court will enforce the original order.
Most states have procedures for modifying child support orders. For example, to change your child support agreement you may need to fill out the proper forms and submit them to the court. If a judge agrees that the modification of the agreement is appropriate, the court will usually approve it based on your application alone, without a court hearing.
When parents can’t agree on a child support modification, they’ll have to appear in court to argue their case. A judge will listen to their arguments and decide whether a change in child support will be granted. This means more time and money wasted on court fees and legal expenses.
Conclusion
We hope this article proves to be useful when it comes to helping you better understand the process of changing child support orders. While this process may seem daunting, it’s not something that you won’t be able to do as long as you’ve got good foundational knowledge on the subject. If you need more help with this, we suggest working with a legal professional.
We understand if this is a little too complicated to handle on your own. Luckily, there is something you can do to make handling this process infinitely easier. If you need the advice and services of Jacksonville attorneys specializing in family law, contact Dorsey Law JAX.
March 18, 2022
Family law in Florida has very clear provisions about different parts of divorce and custody. Many of these terms and clauses can accurately outline what former spouses and children can expect of one another during such a situation and arrangement.
Divorce is quite straightforward, as it is defined as the dissolution of a marriage or relationship that involves legal paperwork and possibly a court hearing. Custody is also understood as the legal rights and responsibilities that a parent or guardian may have over a child.
However, there are more terms to the whole situation than just those two. A variety of phrases and words will likely be heard at one point or another throughout your divorce and custody proceeding. For proper guidance throughout such sessions and trials. It’s ideal to seek a knowledgeable family lawyer in Florida to help you out.
To provide you more insight, here are some terms to be aware of when it comes to divorce and custody:
1) Parental Responsibility
One of the most important things to do when filing for a divorce is to find out what your parental responsibility is. This means knowing what you can and cannot do for your child; this include issues regarding their schooling and health, among many others. Each parent should know their obligations for a person.
2) Visitation Rights
Visitation rights refer to the process in which a non-custodial parent can visit their child. Usually, this process is outlined in the divorce settlement. On the other hand, some have an open visitation schedule that allows parents to visit their children. The visitation rights involve a case-by-case situation analysis in court.
3) Parenting Plan
There are two types of parenting plans that can be set into place. One is known as a “joint parenting plan”, which is a plan that allows both parents to share responsibilities and custody of their children. The other is a “sole-parenting plan”, which involves only one parent having custody of their kids.
4) Time-Sharing
Apart from visitation rights, it’s important to time-share. Time-sharing has to do with how much time each parent will spend with the child. The child’s schedule will be set by the court, as they will decide how many days or hours each parent will be allowed to spend with their child. The information is usually shared on a day-by-day calendar basis.
5) Mediation
Being the two parties involved in the divorce, it’s no surprise that emotions may get involved. Mediation is a way for two former spouses to communicate and talk about the divorce and custody. A neutral third party, the mediator, acts as the judge who will intervene in the conversation and help everyone come to an agreement.
6) Alimony
Alimony is also known as spousal support. This is when one party gives financial support to the other party after the divorce. This process works because the receiving party will see the amount of money they can receive monthly. Alimony is always negotiated by the parties involved and not imposed by the judge.
Conclusion
Some of the most important terms to know when it comes to divorce and custody. Remember, you can always ask an attorney for more information or clarification on the terms and your unique situation.
Want to know more about divorce and child custody? Dorsey Law JAX attorneys specialize in family law, criminal law, and personal injury in Jacksonville, FL. Get in touch with us today!
