High Net Worth Divorce
Marriage termination can be a complicated, delicate, and painful issue. When a couple with a high net worth seeks a divorce, it becomes even more complex as assets are considered. Florida is an equitable distribution state, meaning that the Florida courts will aim to distribute marital property in a way that is equitable and fair unless there is a justification for uneven distribution. Furthermore, unless you and your spouse signed a prenuptial before marriage, or postnuptial agreement after marriage but during a time of harmony, a significant portion of your assets could go to your formal spouse.
When you are seeking a divorce involving significant assets, it's highly advisable to work with knowledgeable Florida divorce attorney who has a strong track record of success dealing with family law matters.
High Net Worth Divorce in Palm Beach County
Do you have numerous assets that may qualify as marital property? Are you seeking a divorce in West Palm Beach, North Palm Beach, Boca Raton, Jupiter, Wellington, Delray Beach, Lake Worth, Palm Springs, Boynton Beach, or surrounding areas? If so, contact the experienced divorce lawyers of Quality Family Law today. We will work with you to ensure that your short-term and long-term interests are protected in this process.
Call the compassionate lawyers of Quality Family Law at (561) 693-3126 to learn about your legal options moving forward with this process.
Items to Consider in A High Net Worth Divorce
- What Constitutes a High Net Worth Divorce?
- Equitable Division of High-Value Assets
- Spousal Support and High Income in Palm Beach County
What Constitutes a High Net Worth Divorce?
Putting a dollar amount on what determines a high net worth divorce is difficult. Rather, the number and value of assets involved in a divorce determine how it can best be categorized. This is particularly true when a significant amount of property is classified as marital property obtained by the couple during their marriage, and not by the individual beforehand.
Assets and property involved usually include a diverse portfolio of investments such as the following:
- Real estate
- Family businesses
- Closely-held businesses
- Stock options
- Retirement plans
- Pension plans
- Item investments like art, classic cars, or antiques
What makes a high net worth marriage termination more complex is Florida's rule of equitable division of assets. This doesn't mean that the assets and property are divided in half. Equitable distribution means that the marital property that is divided is fair according to each spouse's unique situation. If one spouse has sole or primary custody of any children from the marriage, he or she may be entitled to more assets than the spouse with no or partial custody.
It is important to remember that equitable distribution is for the marital assets only. These may include property or assets obtained during the marriage or gifts from one spouse to another. Personal property refers to property that was obtained before the marriage. Gifts from a third party that were not used to jointly purchase property or assets are not considered for equitable distribution. Accounting for what might be considered personal property and what might be considered marital property can be a very complex process especially if the couple has been married for a longer period of time.
In order to complete equitable distribution of marital assets in Palm Beach County, specialists such as forensic accountants, private investigators, business valuators, tax professionals, and various appraisers may be called in to get an exact value of each individual property, piece, or asset.
Another complex aspect of high net worth divorces is spousal support during the separation and alimony after the divorce. Florida law provides for five different types of alimony: temporary, bridge-the-gap, rehabilitative, durational, and permanent. A judge may award these different types of alimony in any combination that seems fair under the circumstances.
Additionally, each spouse may have the reasonable expectation to maintain the same quality of life in the separation and divorce process as they had in the marriage. The amount someone must pay their former spouse in support varies on a case-by-case basis. A well-qualified divorce attorney can help you sort through your case and determine a favorable spousal support situation for you.
High Networth Divorce Resources
§ 61.075: Visit this website to see the Florida Equitable Distribution of Marital Assets and Liabilities Statute that describes what should happen in a proceeding for a dissolution of marriage.
High Net Worth Divorces in West Palm Beach
If you are seeking a divorce in Palm Beach County, Florida and surrounding area's and are concerned about the complexities that your high-assets may bring to an agreement, contact our knowledgeable divorce attorneys. Call the attorney's of the family law division of Quality Law Firm at (561) 693-3126 today to discuss your family law matters.
Our experienced high asset divorce lawyers will work with you to get a favorable distribution of your assets and properties.
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