High Net Worth Divorce
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People described as having high net worth are those that have at least $1 million in liquid assets, meaning they can convert the amount to cash at any given time. In divorce cases, high net worth individuals have some of the hardest fights, as both spouses stand to lose a significant amount of money during the proceedings. If you are an individual of high net worth, talk to us about your particular situation. Tinny, Meyer & Piccarreto, P.A. are available 24/7 to answer your call or email.
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Keeping Track of Finances
Those of high net worth usually have an incredibly complex financial portfolio. Unless the couple signed a prenuptial agreement before the wedding, they would be splitting their marital property equitably, if not equally. This means the spouse of high net worth stands to lose a significant amount of money his or her spouse has a lower-earning job or had no job at all during the course of the marriage. Many people going through this type of divorce hire forensic accountants and valuation specialists to accurately trace funds and assets and value possessions such as small businesses or practices.
While alimony isn’t necessarily a guarantee for one spouse anymore, both are eligible to benefit from the divorce if they request that the court grant them spousal support. For example, if one spouse stayed primarily at home to care for the children, and the other spouse makes enough money to support the other following the divorce easily, the court might grant the stay-at-home spouse alimony, at least until he or she is capable of earning enough on his or her own to meet the standards of living you both were used to during the marriage.
If the marriage didn’t end on good terms, one spouse may try and spend excessive amounts of the couple’s shared assets as a means to keep his or her spouse from gaining anything in the divorce. For example, if a husband begins gambling his money away excessively before the divorce proceeding, he might be trying to prevent his wife from benefitting from that lost money. Likewise, if a spouse is hiding a lover from his or her spouse, but is spending money on that lover with marital assets, this action would also be considered wasteful dissipation of marital assets. The wife or husband who is accused of wasting these assets may be forced to pay the total amount back to his or her spouse once divorce proceedings have been initiated.
Talk to Our Skilled Attorneys Today!
If you’re concerned about the loss of your assets, make sure to speak of the particular circumstances of your case with a qualified Clearwater family law attorney. Tinny, Meyer & Piccarreto, P.A. have more than 35 years of combined legal experience to offer your case. Let us see what we can do for you and your family in a case consultation.