Unique challenges for high net worth divorce in Tampa

Financial success in life doesn’t always bring success in relationships and marriage. One or both partners in a union may have high-paying jobs or independent wealth and reach a point where divorce is the only way forward. That elevated income can make for some unique challenges when looking for a fair way to divide assets.

High-net-worth divorces are common among Florida seniors, especially when one or both partners are approaching retirement. Couples may have accumulated a lot of wealth over the years and suddenly have to decide how to split those assets in a divorce proceeding. A spouse may want to seek the help of a Tampa senior divorce lawyer to ensure they have what they need to shape their golden years the way they want.

Seeking a Powerful Ally for your High-Net-Worth Divorce in the Tampa Area

Anyone considering a high-net-worth divorce should take special care as earnings and spousal support are negotiated. Spouses should trust their interests to Robert Sparks Divorce Attorneys. We are skilled Tampa Divorce Lawyers who get aggressive on behalf of our clients. We want to make sure spouses keep the assets they’ve worked so hard for and retain the money they’ll need to rebuild their lives. Contact us to schedule a confidential consultation.

What Should Be My Top Concerns When Going Working Through a High-Net-Worth Divorce?

People can work hard their whole lives and deservedly earn fair compensation for their dedication. As their assets build and their wealth grows, they may also have to make the difficult decision to bring a marriage to an end.

CEOs and others in top-level careers work hard and maintain long hours. They make tremendous sacrifices for their families and shouldn’t be penalized for that in any divorce negotiation.

But personal concerns and economic concerns aren’t the only worries high-income partners confront as they go through a divorce. Robert Sparks Attorneys divorce representatives address these concerns and others for our clients:

  • The allocation of savings, investments, and property. In high-net-worth divorces, the division of nest eggs and holdings can become very unfair for one partner over another. The negotiations often become complex and highly contested. You’ll need a skilled attorney at your side through every step to make sure you come out of divorce proceedings with your fair share of your contributions.
  • Navigation of Prenuptial Agreements. These types of agreements are supposed to settle any disputes if divorce is necessary. However, spouses can still need protection as the legal representatives of their partners try to alter the terms of a contract.
  • Debt concerns. High-net-worth couples can also end up with considerable debt. They may have investments in business and other ventures that aren’t currently worth a lot. One partner may have created the debt expecting the other spouse to cover those poor decisions. These debts and losses shouldn’t fall to one partner unfairly.
  • Privacy and security. A spouse who owns a business will need to be concerned with keeping sensitive records and financial information confidential throughout divorce proceedings.
  • Protection from business liquidation. One partner shouldn’t have to give up a company simply to satisfy a spouse.
  • Spousal support levels. Robert Sparks Attorneys protect our clients from having to provide unfair amounts of alimony for a dependent spouse.
  • Retirement and pensions. For those going through a divorce, especially senior divorce, retirement plans, pensions, and benefits will have to be distributed fairly.
  • Child custody and support. When high-net-worth parents are going through divorce, the matter of dividing assets becomes secondary. The well-being of the children must come first. Our Tampa Divorce Lawyers work towards a fair agreement. Both spouses should remain a part of a child’s life, just as both spouses should be responsible for the financial needs of the child.
  • Wills and trusts could have to be rewritten. Partners may need to write new wills on their own to reflect a new financial situation. Assets for children and grandchildren may need to be safeguarded, especially if parents remarry after getting a divorce.

Frequently Asked Questions

Will taxes be an issue in a high-net-worth divorce?

In some cases. Once investments and retirement funds are withdrawn, taxes may be due from both parties. A skilled Tampa divorce lawyer finds the best ways to reduce the tax burden as assets are divided.

When should I update wills and estate plans if I’m getting divorced?

You should update your will when you know you are getting divorced and then again after your divorce is complete. Your assets and properties will likely have changed drastically and your new will must reflect that.

What happens to healthcare plans after a divorce?

Healthcare benefits can be shared by both partners and provided through one spouse’s place of employment. The benefits will have to be fairly divided. It’s possible new, separate health plans will need to be opened.

Contact a Tampa High-Net-Worth Divorce Attorney

Going through a divorce can be one of the most stressful events of your life. When you’ve held a high-income job or own your own company, you’ll understandably have worries over how spousal support, the division of assets, and child custody will be handled.

The best way to protect your hard work and the sacrifices you’ve made for a marriage is to let a skilled Tampa High-Net-Worth Divorce Lawyer oversee divorce negotiations.

With decades of collective experience, our Tampa senior divorce lawyers at Robert Sparks Attorneys have the knowledge of Florida divorce law you’ll need to fight for the best possible outcome in your high-net-worth divorce.

Learn more about what we can do to help you by contacting us and scheduling a divorce consultation today. We protect high-income clients going through divorce in Tampa, St. Petersburg, Clearwater, Dade City, and the surrounding areas.