Divorce can be simple when the spouses do not have much property. When the couple has considerable wealth, a divorce can be extremely complex and time-consuming – not to mention public.
A West Miami high-asset divorce lawyer has the knowledge of financial and tax issues required to successfully resolve property division issues. Our trustworthy divorce attorneys will learn your priorities in the divorce and work to meet them.
Equitable Division in High-Asset Households
Florida Statutes § 61.075 requires an equitable division of a divorcing couple’s marital property. The process requires spouses to inventory all their property, assign a value to it, distinguish the separate property from marital property, and divide the marital property fairly.
When a couple has substantial assets, locating and valuing them can be difficult. The services of a forensic accountant are often required to ensure a spouse is not trying to hide assets. Appraisers and experts may need to determine value, and spouses often disagree about whether a value is correct, leading to a battle of the appraisers. The value of real estate, equities, and foreign currency fluctuates, so couples must assign a date on which the value should be assessed.
Once the couple has designated and assigned a value to the marital property, they must divide it. A West Miami attorney representing a wealthier couple might be more concerned about the tax implications when dividing property. When the couple has young children, raising them in the family home may be an issue as well. Balancing these concerns, and others unique to the couple, can require extensive negotiation before an acceptable settlement is reached.
Marital Agreements
Many couples enter into agreements about property division before or during their marriage. These marital agreements are enforceable if all the legal formalities were followed and both spouses entered the agreement willingly and without coercion. A postnuptial agreement can greatly ease the property division aspect of divorce and save the couple significant time, money, and stress.
However, when the agreement strongly favors one party, as many of them do, the other spouse may try to challenge it. Individuals in West Miami who are in a high-asset marriage should always present an agreement to their divorce lawyer, who can determine whether a challenge is worthwhile.
Child Support
When a couple has minor children, both parents are expected to provide financial support. When their children have enjoyed a privileged lifestyle, the child support payment should enable the children to maintain it. Child support in a high-net-worth divorce could include provisions for private school tuition, travel, club memberships, participation in hobbies, and other non-essentials that the child’s peers enjoy.
Litigation Alternatives for Wealthy Couples
Divorce pleadings are public documents and trials are usually open to the public. When a high-net-worth couple is concerned about security, privacy, or reputational damage, avoiding a litigated divorce should be a priority.
Collaborative divorce can be an excellent alternative. Each spouse hires a lawyer, but they engage professionals as needed to work with them as a team. This can produce substantial savings when a couple has varied holdings that require valuation. The collaborative divorce process is strictly confidential, totally private, and the couple avoids court. A West Miami high-asset divorce attorney files their negotiated agreement with the court, and the judge can finalize the divorce.
Mediated divorce offers confidentiality and keeps control of the process in the hands of the spouses. Mediating a settlement before either spouse files a divorce petition allows them to pursue an uncontested divorce. Some counties require the spouses to appear at a hearing to finalize it, while others will issue a final decree in an uncontested divorce without a hearing.
Consult a West Miami Attorney About High-Net-Worth Divorce Today
Most people getting a divorce want it to be over as quickly as possible, but high-asset divorces almost always take a long time. Untangling a couple’s financial lives and ensuring both spouses and the children can maintain their lifestyles, requires significant effort and negotiation.
The Florida Probate and Family Law Group represents wealthy and public-facing individuals in divorce. Contact one of our West Miami high-asset divorce lawyers today for a free case evaluation.