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Divorcing with a high income in Florida

by | Apr 5, 2018 | Complex Asset Division, Firm News |

Every divorce is filled with its own unique difficulties. However, when you are divorcing as a person that has a high net-worth or earns a high income, you may feel particularly vulnerable, and afraid that you may be subject to exploitation.

Therefore, it is important to be aware of the rights that you have in your Florida divorce, as well as know some strategies that you can use in order to protect your wealth.

Watch out for hidden tax implications

It is important that you make sure that the division of assets will account for any tax implications that may occur in the future. This is especially true when it comes to stocks. For example, while you might transfer 50 percent of the value of your stocks to your former spouse, you may have to face the tax consequences of the full stock price further down the line. This should be accounted for in the divorce settlement.

Consider mediation in order to lower the divorce costs

Legal fees are expensive, and mediation, although it is no replacement for legal services, can help both spouses come to some mutual agreements and get on the same page before the proceedings take place. This can help you save time, money and emotional energy.

Always plan your finances in advance

It is important to always think one step ahead of the game if you are contemplating divorce. This means that you should make a financial plan for the lead up to divorce, and for how things will change afterwards. If you are going through divorce in Florida and have a high income, it is important to take immediate action so that you are fully prepared.

Source: Huffington Post, “40 Secrets Only Divorce Attorneys Know,” accessed April 05, 2018