Blog

Pitfalls to Avoid During a High Net Worth Divorce in the Orlando, Florida Area 

There are many things to avoid during a high asset divorce. How can you plan to circumvent problems that could potentially arise? Make sure that you know of all the assets in the case, or hire an expert to help you locate all the assets of the case. Determine the value of all the assets. Experts can assist you with that, as well. The same thing goes for calculating the debts. 

Uninformed Asset Decisions

Florida Statute 61.075 is the statute on equitable distribution. It explains the process the judge must use in valuing the assets and debts. Further, it spells out the valuation date to be used in the process. 

In the Orlando, Florida area the parties engage in mandatory disclosure. That is wherein the parties exchange financial affidavits, tax returns, credit card statements, bank statements and much more. In high net worth cases, the parties usually hire a financial expert to help them gather this information and analyze the opposing party’s production of documents. The financial expert can also prepare valuations of businesses, if necessary. You must know the value and extent of all your assets and debts in order to make an intelligent informed decision of what you are entitled to receive in equitable distribution. 

Behavior Issues

There are administrative court orders in Orange, Seminole, and Volusia counties dictating the parties expected behavior during the pendency of the dissolution of marriage. Familiarizing yourself with these orders will allow you to behave properly during the divorce. If the parties behave properly, they are more likely to be more cordial toward each other during the proceedings. You want to make sure you do not hide assets or debts from the other spouse. That will cause suspicion and animosity. Further, the other party will accuse you of dissipating the assets. Financial experts can trace and find any hidden assets. 

Incorrectly Valued Assets

In a high net worth divorce case, it is important to consult with a CPA and financial expert prior to making any financial decisions. They will be able to discuss the tax consequences of such decisions. You do not want to forgo valuations to speed up the process. You will be grateful in the long run that you were patient and had the experts value the assets. Speeding up the process with no valuations may cause you regret and hardship in the future. 

Experts can value businesses, land, houses, jewelry, etc. if you have assets of substantial value, you want to make sure they are valued properly. You do not want to guess or estimate the value of assets or debts. You will probably regret doing that in the future. 

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. 

This article is for informational purposes only and does not form an attorney client privilege.