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Financial myths commonly believed in a high-asset divorce

| Sep 25, 2020 | High-Asset Divorce |

During the process of getting divorced in Florida, individuals may naturally wonder how their finances will be impacted. Unfortunately, erroneous thinking about the impacts of finances on divorce can lead to negative long-term consequences. This is particularly true in a high-asset divorce. Here are some common myths about how finances affect divorce in the Sunshine State.

First, some people think they can keep money hidden from their spouses simply by stashing the money in other accounts. This, however, is not the case. The reality is that both parties are required to disclose any assets they have accumulated during the marriage and placed in other accounts. In fact, they must fill out affidavits stating that they have indeed provided this information accurately.

Second, it is not uncommon for married people to think that they do not have to pay off their spouses’ credit card debt when they get divorced. If credit cards are in both individuals’ names, then both people are legally responsible for whatever debts are on them, even if they get have gotten divorced. If they end up being delinquent, then this will harm their credit scores.

Figuring out how to handle the division of assets, especially those in a high-asset divorce, can certainly be complicated for couples in Florida. The same is true for figuring out how to divide an extensive amount of debt between two divorcing parties. However, an attorney can help a divorcing individual to pursue a comprehensive settlement agreement that is fair and ultimately reflects his or her best interests.

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