The Knowledge And Experience You Need In High-Asset Divorce
Divorce can be expensive in terms of finances, time and stress. Nowhere does that become more obvious than in a high-asset divorce, also called a high net worth divorce. While there is no fixed definition, a high-asset divorce generally involves a marital estate with liquid assets totaling over one million dollars.
If you are facing divorce with significant and complex marital assets, it is especially important to work with a knowledgeable and experienced family law attorney. In Fort Myers and surrounding areas of Florida, look no further than at Patrick McLain Law. Our legal team works tirelessly to save clients time and relentless stress while making sure they retain every asset and dollar they are entitled to.
How Is Property Divided In Florida?
Florida is an equitable distribution state. Equitable distribution is a legal concept that dictates marital property to be divided justly and draws a distinction between separate property and marital property, with marital property being defined as property acquired during the course of the marriage. The property and assets you gained prior to the marriage are typically considered separate and are not subject to division. Equitable distribution should not be confused with “equal” distribution. Marital property is distributed fairly to each spouse, taking into consideration many factors.
Understanding The Benefits Of Collaborative Divorce
When “divorce” is mentioned, many people think of traditional or litigated divorce. The process starts with one spouse serving divorce papers to the other. Then, lawyers debate their clients’ claims for property and other issues before a judge ultimately decides the final outcome in a court of law. Litigation is sometimes the best or only option, but in many cases, clients benefit from an alternative dispute resolution (ADR) method.
Many of the divorce cases that we have worked on fall under the category of collaborative divorce, which is a type of ADR. In a collaborative divorce, each party will retain their own attorney to advise them while protecting their rights and interests. Both parties and their lawyers sign an agreement to work in tandem to resolve all issues related to the divorce without going to court. This method often saves time and money, reduces stress, encourages a civil post-divorce relationship, maintains privacy and gives both parties more control over the outcomes.
ADR Can Reduce The Risk Of Costly Appeals
With a litigated divorce, the “final” ruling may not be the end of the case. This is because parties are able to appeal the court’s decision when unsatisfied with the outcome. The appellate process can lead to even more time in court and additional stress that we don’t want our clients to go through, often for little gain. It can be hard to prove that your spouse should get little to nothing unless there is clear evidence of marital fault on their part. This can be an arduous task when dealing with high-net-worth divorces.
When a collaborative divorce is used to divide property, appeals are possible but less likely to occur. The point of a collaborative divorce is to have both parties agree to the terms of the divorce proceedings. When this collaborative process is used, there is a lowered chance of appeal as it is unlikely there will be an unexpected outcome.
Discuss Your Options And Learn How We Can Help
From our office in Fort Myers, Patrick McLain Law serves clients throughout Lee County and the surrounding areas of Florida. To learn more about your high-asset divorce options and discover how our knowledgeable attorneys can help, contact us today to request an initial consultation. You can reach out online or call 239-737-3735.