Every divorce creates complicated and consequential legal issues. But when the income or net worth of one or more parties involved in the divorce is especially high, it only makes those issues more urgent. This is where you need a high income divorce attorney.
A high-income divorce attorney works with spouses who have a lot at stake as a result of divorce. These attorneys understand what is on the line and how to put the best interests of clients, both personal and financial, at the forefront of the divorce process.
If you are thinking about divorce or moving forward with the initial steps, you may want to seek out a high-income divorce attorney. Important information is outlined below. Read through it to ensure you’re doing the right thing for your divorce and your financial future.
Understanding Assets
The reason that clients choose to work with a high income divorce attorney is that dividing up assets becomes much more complicated when those assets are substantial. The state of Florida operates according to the principle of equitable distribution. This means that assets are divided into those possessed before the marriage and those purchased during the marriage. Only the division of the marital assets can be taken up by the courts.
Working with a high-income divorce attorney is important for either party. It is often the case that one party will try to hide assets, or that the other party wants to keep more of what they feel is fair. Even in a perfect situation, the value and volume of the assets involved create a lot of unexpected issues. A high income divorce attorney will have seen these before and know how to proceed with the divorce in a way that puts the priorities of the client first.
High-Income Concerns
A high-income divorce is immediately more complicated because income is available from multiple streams. The total value of a person’s assets or net worth may be tied up in multiple financial mechanisms. Each will take the time to investigate, unpack, and understand, which is why a high-income divorce attorney is such an invaluable resource. These are the kind of assets and income sources to focus on:
- Ownership of a small business
- Real estate investments
- Commercial real estate
- A professional practice – doctor, lawyer etc.
- Partnership holdings and stocks
- Private equity funds
- Hedge funds
- A stock portfolio
- An executive compensation plan
- A financial settlement
Whether your goal is to protect these assets or get the portion of them that you feel fair, you will want to let a high-income divorce attorney offer you advice and counsel.
Alimony and Child Support
The division of assets becomes the primary focus of many high-income divorce proceedings. But alimony and child support are both frequently a part of the process as well. And without a high-income divorce attorney offering you guidance, these issues may work against you in ways you do not expect.
Take alimony, for example. When one member of marriage has a much higher income or net worth than the other, the courts may grant an extremely high rate of alimony to “bridge the gap.” That will be a priority for one party and a major point of contention for the other. Both will want to have a high income divorce attorney in their corner.
Child support is another area where sums can inflate unexpectedly. The laws in the state of Florida dictate how much child support should be paid based on the payer’s income and the number of children to support. But the court has leeway to adjust this figure either up or down. Depending on your interests, a high income divorce attorney can work to swing the sentiments of the court.
The Right Way to Approach Divorce with a High Income Divorce Attorney
There are two points that are essential to stress to anyone involved with a high income divorce. First, it is never a smart strategy to assume that someone who is not qualified to call themselves a high income divorce lawyer is capable of handling your case. While some of the issues may be the same, the way they play out in high income divorce proceedings is much different. When one partner decides not to work with a high income divorce attorney, the divorce rarely works out the way they would have liked.
Second, either party in the divorce can benefit from working with a high-income divorce attorney. One party wants to keep more of what they consider to be their property. The other party wants to access more of what they believe to be shared or earned property. Each side has a compelling case that only a high-income divorce attorney will be able to present in court.
When you are ready to consult with a high income divorce attorney in a private setting, contact Lewert Law by calling 561-544-6861.