When Florida residents are going through a high-asset divorce, property and debt are usually the top priority in the legal case. Every divorce case has the potential to impact the couple involved, in terms of finances, for years to come. When addressing property and debt in a high-asset divorce case, identifying everything that needs to be involved in the case and valuing assets correctly are crucial steps.
Property and debt
Some people tend to forget that debt needs to be divided up in a divorce, in addition to property. And, these days, the debt that could be involved in a divorce case could be substantial, including such debts as a mortgage, car loans, student loan debt and even medical debt. No one wants to be saddled with debt unfairly, so focusing on this issue in a divorce case could save you quite a bit of money in the years to come.
When the topic of property division comes up in a divorce case, most people hear the term “equitable distribution.” This method of splitting assets does not mean an “equal” or “50/50” split. Instead, equitable distribution tends to focus on what is fair, based on the unique dynamics of the divorcing couple’s income and family life.
In the end, addressing property and debt in a high-asset divorce could turn out to be the trickiest part of the case since so much is on the line. Your idea of what is “fair” may be much different than your soon-to-be ex-spouse’s ideas. At our law firm, we work with Florida residents to attempt to get positive results in high-asset divorce cases.