All divorce cases require a level of preparation to ensure everything is in order before proceeding with the case. However, a high net worth divorce in the Orlando, Florida area requires extra preparation steps. Read on to learn about what you must do to prepare for a high net worth divorce.
Review Any Trusts
First, you must check to see if any assets have been placed into a trust. If assets are in certain trusts such as a SLATS trust, they may be outside the marital estate. The attorney must have the trust listed as a party of the divorce, and the trustee must be served with the dissolution paperwork.
Further, you will need to bring a trust attorney into the divorce realm as part of your team to assist your divorce attorney in preparing your case for Mediation and Trial. The trust attorney can guide you on how to deal with the trust during the high net worth divorce. You will need to determine what kind of trust you have in place. For one, you will need to determine if the trust is revocable or irrevocable. Depending on your position in the case, you may want to try to modify or revoke the current trust. The trust attorney can advise you on all this. The attorneys need to coordinate with the other experts and strategize how best to obtain the results you wish to obtain.
Build Your Financial Team
You will need to have your financial adviser, your CPA, and a financial expert involved in the process. They will also be part of your divorce team. You may also need a forensic accountant. A forensic accountant can assist you in tracing assets if there is dissipation of marital assets. These experts will need to help you determine all the assets and liabilities of the parties. This includes determining if there are nonmarital assets or debts.
Value Property, Businesses, and Other Assets
You will need appraisers to appraise your real property. You will need a business valuator to value any business owned by either the husband or the wife. You may also need appraisers for jewelry, cars, boats, art, etc. depending on the assets you own.
Consider Child-Related Experts
If you have children, you may need a Guardian Ad Litem. If you are fighting over custody, you may need a custody evaluator. These professionals each serve different roles in ensuring the best interests of the child and each parent’s ability to meet the child’s needs.
Decide Between Collaboration and Litigation
You will need to determine if you want your dissolution of marriage case done through the collaborative divorce process or if you want to litigate. While litigation is sometimes considered the only possible route for divorce, the collaborative option comes with many benefits, including a shorter length of time and often a less expensive process.
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 arrange an initial consultation. You may also visit my website at https://www.annmariegildenlaw.com
This article is for informational purposes only and does not form an attorney client privilege.