Wealth can simplify many aspects of life but it complicates a divorce. Untangling your financial lives and ensuring a reasonable division of property are time-consuming and difficult processes when you have substantial assets.
Work with a skilled divorce attorney who has a sophisticated grasp of financial and tax issues. A South Miami high-asset divorce lawyer can keep your privacy and interests in mind as you formalize a divorce agreement.
Custody Issues in a High Asset Divorce
When a couple has minor children, their divorce must include a parenting plan. The plan must describe how much time the children will spend in each parent’s home, where they will spend holidays, how the parents will handle decision-making on issues like healthcare and education, and child support.
Florida law favors parents sharing time with their children and decision-making responsibility. Courts recognize that a 50/50 split is not workable for many families but they expect parents to work together to ensure that children have a meaningful relationship with both of them. If children typically spend time in the care of nannies or someone other than their parents, the Judge considers these relationships when evaluating a parenting plan.
For most families, a formula determines the minimum child support payment. In wealthier families, child support is usually more substantial than the formula calls for. Children should not suffer a drastic change in their standard of living after a divorce, so a court would want children to remain in their school and maintain their social connections. A divorce agreement for a high net-worth couple in South Miami might include expenses like private school, college tuition, extracurricular activities, summer camp, and others.
Property Division with Significant Assets
Florida follows the equitable distribution standard for divorces, meaning the couple should divide their property fairly considering all the circumstances. When a Judge makes the decisions requiring property division, they presume a 50/50 split and then consider factors that might tip the scales in favor of one spouse or the other. Some of the factors the Judge considers are the:
- Duration of the marriage;
- Spouse’s financial and non-financial contributions to the marriage;
- Value of the separate property each spouse takes from the marriage;
- Advisability of one spouse having the sole interest in a business or professional practice;
- Tax considerations for each spouse
A Judge will also consider whether one spouse sacrificed career or educational opportunities to raise a family or support the other spouse’s professional ambitions.
If couples have a contested divorce, they must make a full financial disclosure to each other when they file. When couples have extensive financial holdings, obtaining an accurate inventory of assets and liabilities can be challenging. Even when a couple has a marital agreement, a divorce usually requires an inventory and valuation. This is typically the most time-consuming part of a high-asset divorce.
Once all the assets are identified, they must be valued, which can require expert opinions. In many cases, experts will disagree about the value of a specific asset and the couple must negotiate. A South Miami attorney can represent a wealthy spouse’s interests throughout the valuation and property settlement process.
Negotiated Settlement Has Advantages for High-Net-Worth Couples
Negotiating a divorce settlement is the most cost-effective way to manage a high-asset divorce but it also affords both parties privacy and control. When a couple settles their divorce out of court, they decide how they will manage the relevant issues, not a Judge who does not know them, their children, or their business.
A high-asset divorce carries high stakes, for a person’s finances and for their reputation. Wealthy people are often prominent in the community. A bitter and public divorce can do substantial harm to someone’s social standing and even their business reputation. A negotiated settlement is private and insulates the spouses and their financial information from public scrutiny.
There are several forms of alternative dispute resolution that can be an effective way of achieving a divorce settlement including arbitration, collaborative divorce, and mediation. A South Miami attorney can steer a spouse with significant assets toward the method that is most appropriate in their case.
Seek Help with Your High Asset Divorce from a South Miami Attorney Today
A divorce is never easy, but reaching a fair settlement can be challenging when the spouses have substantial wealth. A South Miami high-asset divorce lawyer has the knowledge and skills to reach a favorable result for you, despite the complications.
Work with The Florida Probate & Family Law Firm by scheduling your free case evaluation now.