Divorce can be complicated for anyone, but there are unique challenges that come with having significant financial resources and assets. Dividing these assets can be a difficult process, and most people in this situation prefer privacy.
Working with a skilled divorce attorney can have a tremendous impact on the outcome of your case. They can assist with everything from evaluating rare property to advocating for a reasonable split between the parties. A Florida high-asset divorce lawyer can make the strongest case for a fair outcome on your behalf.
How Assets Are Divided in Florida
In every divorce case, the judge is required to divide marital property equitably. That means it is their role to split up the assets fairly, even if that means one party gets more than the other.
However, only marital assets are divided in this way. Some things of value are considered individual property, which usually includes valuables that a person owned prior to their marriage. Only shared assets are divided by the judge.
Wealth Can Complicate Divorce Cases
The same laws govern the dissolution of marriage regardless of the value of the estate. With that in mind, there are some issues that are unique or at least more common among couples with substantial wealth. A high-asset divorce attorney in Florida can help address these challenges while also maintaining privacy.
Division of Marital Property
Dividing property is often one of the most challenging parts of a divorce, and that is especially true when it comes to couples with substantial assets. While common properties like cars and smaller residential homes are easy to place a dollar value on, the same is not true for many high-end investments. The parties could have quite different views on the value of things like commercial real estate, rare art, or closely held businesses.
Value matters because it is a primary factor in the process of dividing assets. If an item is overvalued, it could result in one party receiving an unfair split. The problem with high-end assets is that it can be hard to place a value on them, so the use of experts may be necessary to show the court what they are truly worth.
Child Support
Every parent is required to provide their minor children with financial support, and the state relies on a formula to calculate the appropriate amount based on the income of each parent. However, this formula is not appropriate for high-earning families. It does not provide support at a level that is equal to the lifestyle these children typically enjoy, and the calculations are not designed to consider wealth in forms other than direct income.
Keeping Marital Agreements in Mind
Marital agreements—including prenups—are not limited to couples who have a large amount of wealth. However, they are more common among couples with high incomes, small businesses, or large disparities in personal wealth. They can also play a key role in Florida high-net-worth divorce cases.
These documents can override many of the protections put in place by law, like allowing for a division of marital assets in a way the court might not find equitable. Prenups can also identify certain pieces of property as individual assets instead of marital assets.
Call a Florida High-Asset Divorce Attorney Today
If you are facing the end of your marriage and you possess considerable assets, it is vital that you protect your financial future by working with a skilled family lawyer. The right approach could ensure you are treated fairly and receive an equitable share of the marital property. Contact The Florida Probate & Family Law Firm today for a free case evaluation with a Florida high-asset divorce lawyer.