Divorce is devastating and complicated. Things get even worse when one or both partners have extreme wealth. If you need a high-net-worth divorce lawyer in Fort Lauderdale, call Scott A Levine at 954-587-2244.
It is a million-dollar divorce in the traditional sense of the word; when one or both partners in the divorce has a net worth of over $1 000 0000. The number of millionaires has more than doubled in the recent past. As of now, a substantial amount of divorce cases involves several millions of dollars.
High net worth couples are in a different tax bracket than those in ordinary divorce cases. The process of asset division is thus prolonged and much more intricate. Some of the assets in these cases include brokerage accounts, real estate property, art jewelry, and much more.
The biggest challenges include identifying and classifying assets. They are numerous and of high value. Some were acquired before marriage and should be separated from those that belong to both spouses. An impenetrable prenuptial agreement can make things easy. But it is not uncommon for these agreements to be found invalid for reasons such as duress and fraud.
Florida child support formula is already complicated as it stands. The state uses an Income Shares Model where both parents contribute the same amount of cash they would if they lived together. The amount each parent contributes depends on their income levels.
Things get much complicated for families beyond the $1,000,000 threshold. Wealthy parents may also be asked to support their adult children, such as college fees and expenses. All resources are accounted for in these expenses, including retirement savings.
Every divorce case needs property appraisal. In a complex divorce case, total asset valuation and assessment are critical for personal and business assets. Here, couples must work with a practiced high asset divorce lawyer and accountant to determine asset value and division formula.
Assets such as stocks and intellectual property require a special kind of valuation. The value of the brokerage and Investments accounts can fluctuate. When dividing these assets, there needs to be a delicate balance between risk and profit potential, so one doesn’t end up with loss-making assets after divorce.
The taxman is always watching. Tax matters become even more critical when dealing with many high-value assets. In the absence of intelligent strategies, asset division in these cases can increase the tax obligations of the parties to ridiculous amounts.
Fewer things are secretive as the assets held by rich people. In most high net worth divorce cases, some marriage partners may try to hide assets. Some of these cases involve assets stowed in trusts, stored in offshore accounts, or temporarily gifted to friends and family. If a spouse is attempting to hide assets in a high net worth divorce case, your best bet to get a fair share is a specialist lawyer.
The above is, at best, an incomplete representation of the complications inherent in million-dollar divorce cases. Further challenges imminent include child custody, spousal support, and division of shared interest in the business. Florida’s leading high net worth divorce attorney, Scott A. Levine, has handled such cases for many years.
These are not ordinary divorce cases with common strategies. No calculation conforms to standard estimates in high-value divorce cases, including asset valuation and categorization or child support and alimony. Contact Scott Levine for a consultation.
Scott Levine is highly experienced in high net worth divorce cases. He will handle your case with high professionalism and the confidentiality that you deserve. You will get the advantage of attorneys who know their way around complex taxation matters, convoluted asset tracing, and non-standard child/spousal support obligations. The law offices of Scott A Levine can help you with asset evaluation and classification:
* Asset tracing in revocable and irrevocable trusts, offshore accounts, and retirement accounts
* Contesting or defending premarital agreements
* Determining marital and no marital assets
* Protecting personal assets acquired before marriage
* Child custody and spousal support matters
Scott Levine has successfully litigated, negotiated, and mediated complex divorce cases involving high net worth personalities. His courtroom and settlement experience will help bring your case to a speedy and positive conclusion.
Some of the leading strategies employed by Scott A Levine include:
Forensic accountants help where there are multimillion cash sums involved, diversified business assets, and personal accounts. This strategy helps optimize business valuations and asset tracing and streamline calculations for child and spousal support.
Scott Levine can work with a forensic accountant hired and retained by one or both spouses. The qualified family lawyer can also play well with court-appointed forensic accounts for the success of your case.
Child custody, child support, and spousal support are critical issues that need in-depth planning in high net worth divorce cases. Ultra-rich individuals face unique child custody issues, including high conflict and disagreements that may lead to a court filing. Before litigation or negotiation, it is essential for parties to critically evaluate their work or travel schedules and the likelihood of staying in one state or country.
Scott can help you get or contest custody and visitation stipulations fast and seamlessly. For support purposes, the divorce attorney can defend your rights through strategies that account for factors such as base income, stocks, options, and profit distributions, interest, company perquisites, and phantom payments.
Smart and responsible litigation are a sine qua non for successful resolution of high net worth divorce cases. Scott A Levine will focus on settling case aspects than being resolved, including child support and custody. He narrows the issues to save you time and frustration. For matters that need litigation, the Fort Lauderdale lawyer has the right experience in family law courts to get you a positive outcome.
There are a lot of complexities involved in high net worth divorce cases. For expert help in Fort Lauderdale, talk to high asset divorce lawyer Scott A Levine.