Divorce is more complicated when you are wealthy. Not only do you have considerable assets to protect, but there may be issues around security, publicity, and potential reputation damage that people of more moderate means do not have to worry about.
It is vital to work with an attorney who has a sophisticated understanding of finance and taxation, as well as in-depth experience with divorce law. Our Pembroke Pines high-asset divorce lawyers provide skilled and discrete representation for wealthy people ending their marriages.
Property Division Can Be Complex
When a couple has a contested divorce, they each must file a full financial disclosure that forms the basis of property division decisions. Verifying the disclosures’ accuracy often requires the services of a forensic accountant.
The couple must also assign a value to their marital assets. This process can be time-consuming if these include the following:
- Real estate;
- Business interests;
- Professional practices;
- Offshore accounts;
- Collectibles, like antiques or art.
A high-asset divorce attorney in Pembroke Pines with a network of professionals can provide accounting, tax advice, and appraisal services in divorce cases.
Florida Statute § 61.075 calls for the equitable distribution of all marital property. When a couple cannot agree on property division, the Judge begins with the premise that the marital property should be evenly divided. They then consider factors such as how long the couple was married, each spouse’s ability to earn a living, and the couple’s lifestyle when married.
Marital Agreements and Property Division
Many high-net-worth couples have marital agreements governing property division issues. When they are carefully drafted and executed with all the proper legal formalities, marital agreements can make property division much easier.
In addition, spouses often challenge an unfavorable marital agreement. A Judge can invalidate all or part of an agreement if they find inadequate financial disclosure, pressure, coercion, or unconscionability.
Alimony
Alimony, or spousal support, is not mandatory in Florida, but courts will order it when one spouse is financially disadvantaged in the divorce. When negotiating a property settlement, alimony can sometimes offset an unfavorable division of property to the less wealthy spouse.
Alimony is usually temporary, so a recipient is expected to become self-supporting eventually. However, when the couple enjoyed a lavish lifestyle, maintaining that standard of living might not be possible without substantial alimony. Moreover, a recipient can collect alimony in periodic payments or a lump sum.
An Uncontested Divorce Provides Privacy and Control
In an uncontested divorce, neither party petitions for a dissolution of the marriage until they have agreed on all relevant matters. These include property division, debt allocation, alimony, parental decision-making and timesharing, and child support.
Negotiating a marital settlement agreement can take a long time when the couple’s finances are complex. Many high-net-worth couples work with a mediator or a collaborative divorce team to reach a resolution. Alternatively, the couple’s lawyers might negotiate some or all of the settlement between themselves.
An uncontested divorce offers many advantages for a wealthy couple. They decide all relevant issues and retain control over the outcome, rather than a Judge or jury making decisions about the most private aspects of their lives. There is no court appearance, which prevents recorded testimony or public allegations that might damage a spouse’s reputation. Similarly, the couple can deviate from the law if they both agree to it. A Pembroke Pines attorney who understands high-asset divorce cases can provide more information.
Contact a Pembroke Pines Attorney About High-Asset Divorce Today
If you and your spouse have significant wealth and are considering divorce, choose your attorney carefully. High-asset divorce requires extensive knowledge, skills, and a network of reliable professionals.
The Pembroke Pines high-asset divorce lawyers at The Florida Probate & Family Law Firm know how to meet your divorce goals. Schedule a free case evaluation today.