Common Myths About High Asset Divorce in Florida

If you have marital assets that are valued at a million dollars or more and are about to get a divorce, yours is considered a high-asset divorce. The best thing to do if you are about to get a high-asset divorce in Florida is to hire a qualified divorce lawyer. You must also be well-informed about the divorce process and legal matters. Unfortunately, there is a lot of misinformation out there. Many myths abound about high-asset divorces. It is vital that you verify everything you hear and read. Falling for myths can be detrimental to your interests. This article debunks some of the most common myths about high-asset divorce in Florida. Read on!

Myth #1: Marital Property Is Split 50-50 In a High-Asset Divorce

Florida is an equitable distribution state and not a community property state. In a community property state, marital property is distributed between divorcing spouses in an equal manner. On the other hand, in Florida, marital assets are divided between divorcing spouses in a fair manner. A fair distribution of property is not necessarily a 50-50 split. However, a 50-50 division is possible in a Florida high-asset divorce. The court will consider several factors outlined under Florida Statute 61.075 to determine how property should be allocated.

Myth #2: High-Asset Divorce Cases Always Go to Trial

Indeed, a high-asset divorce is more likely to go to trial than a regular divorce. However, it is possible for couples with a high net worth to resolve their divorce-related matters outside of court. For example, couples can agree on issues during mediation. This is especially easy if you have a prenuptial agreement. However, even without a prenup, you may be able to agree on all divorce-related matters during mediation. Collaborative divorce can also be a good option for couples with high-value assets.

Myth #3: You Do Not Need To Disclose All Your Assets

You must be honest about your assets and income. Even if you hid things from your spouse during marriage and your spouse may get angry after discovering the truth, you must be honest. You can run into serious legal trouble if you try to hide assets. You could be accused of perjury if you lie about your assets under oath. Perjury is a criminal offense that can attract serious consequences.

It is crucial to note that even if your spouse does not know about assets, they can claim them once the truth comes out. The law on property division applies to all marital property, including marital property your spouse does not know exists.

Myth #4: A Wife Cannot Pay Alimony to Their Husband in a High-Asset Divorce

Many years ago, it may have been common for men to pay alimony to their ex-spouse after divorce, but things are different today. The court does not consider gender when making alimony decisions. Instead, it considers several statutory factors outlined under Florida Statute 61.08.

Contact an Orlando Divorce Lawyer

If you are facing a Florida high-asset divorce and need more information, contact our skilled Orlando divorce lawyers at the Arwani Law Firm. We can also offer you the professional legal representation you need and deserve.