Orlando High-Net-Worth Divorce Lawyer

Orlando, FL High-Net-Worth Divorce Attorney

High-net-worth divorces have all the same emotional difficulties as any divorce, but they also have considerably more legal complications. Both spouses in a high-asset divorce have a significant amount to lose, and this can increase tension between parties. If you are beginning the process of a divorce with significant marital or separate assets, you need an Orlando high-net-worth divorce lawyer who knows the unique resources, professionals, and choices that can secure your future.

These divorces must determine all the typical aspects of a divorce, including alimony, property division, child support, and child custody, but the high value of the assets involved can alter certain determinations. Additionally, high-net-worth divorces can take much longer than other divorces due to the time it takes to evaluate and categorize assets, determine child support needs, and reach an agreement with your spouse. This is made much easier with a diligent attorney.

Protecting Your Financial Interests During a High-Net-Worth Divorce

A divorce case with high-value and complex assets requires experienced and dedicated attorneys. At Fairway Law Group, we have worked for more than 20 combined years in various fields of law, and our attorneys have significant litigation experience. We handle family law cases with the compassion that families deserve and the individualized approach they require.

However, we know that negotiation and out-of-court solutions are frequently better for the privacy and financial wellness of families navigating a high-net-worth divorce. We also know how to find efficient and creative solutions for divorce and family law cases.

We work to understand the unique complexities of your high-asset divorce, as we know how important this case is for your financial future and your family’s well-being. Our firm has the resources to help you properly evaluate and negotiate property division and other financial aspects of divorce. We can help you understand the options for your divorce so you can take control of your case.

What Is a High-Net-Worth Divorce in Orlando?

There is no set definition for what is considered a high net worth or high-asset divorce. Traditionally, couples with more than $1 million in combined assets are considered high net worth, but this is now considered low for a high-net-worth divorce.

Having significant or complicated assets, business interests, business ownership, or other significant assets may mean that your divorce has the complications of a high-asset divorce. This is also true if your and your spouse’s income and resources mean that you fall outside the state guidelines for child support or alimony.

Couples in a high-net-worth divorce have significant wealth that is going to be divided between them, which is a process that takes time and resources. There are also many other legal and financial consequences to consider during the process. Though these divorces may be contentious due to their high stakes, many high-net-worth divorces can benefit from negotiating their divorce outside of court through alternative methods, like mediation and collaboration. Your attorney can help you determine the right process for you and your family.

What Aspects of Divorce Are Impacted by Having a High Net Worth?

There are several decisions that have to be made in any divorce. Many financial choices are impacted when creating a divorce order, including:

Property Division

To effectively divide property in a high-net-worth divorce, it has to be valued first. Then, parties can either divide it according to a marital agreement, negotiate a settlement agreement, or go to litigation. Although the laws governing equitable distribution or other forms of property division are the same, regardless of net worth, factors such as each spouse’s income and resources and their financial and non-financial contributions during the marriage are incredibly important.

Alimony

Alimony in Florida is considered after the distribution of marital property, and it is not always awarded. It is based on one spouse’s need and the other spouse’s ability to pay. If there is a significant wealth gap between two divorcing spouses, this may be addressed with the distribution of marital assets and/or with awarded alimony.

Often, the set guidelines for calculating alimony do not apply in high-net-worth divorces, and the court has the discretion to calculate payments on an individual level. An attorney is helpful in protecting your rights and ensuring that payments are fair.

Child Support

Both spouses have a right and responsibility to financially support their children. Child support calculations follow a formula, but this formula typically does not apply in high-net-worth divorces.

When determining child support payments, there are several typical factors to consider, such as parental income, parenting time with the children, the number of children who need support, and the children’s needs. However, there are also unique considerations, such as the standard of living that the child is used to and the financial requirements of that standard of living.

It is important that your attorney understands these unique situations and how to tailor legal representation to the personalized needs of your family.

What Makes High-Asset Divorces More Complicated?

The financial requirements and implications of high-net-worth divorces are significant. There are also other complications to consider throughout the process, which can make these divorces incredibly overwhelming and take longer without an attorney. Some complexities associated with high-asset divorces include:

Contention and Disputes

Each spouse stands to lose a lot in a high-asset divorce. Alimony payments and child support payments can be significant in addition to large financial losses from the division of property and the loss of a two-person income. Divorce is a costly process, and the financial stress can result in disputes during the case.

A spouse who makes less may feel that they are losing their financial stability completely, and a spouse with more separate assets, resources, or income may feel that the assets and wealth they have worked to build are being taken from them. This is a difficult situation for all parties, and each may suspect the other of hiding assets to sway the division of property and other decisions. Both may also worry that assets are not being valued accurately.

Spousal contention is common in these divorces, but it also can be navigated. A high-net-worth divorce does not have to be contested in court, and doing so would likely worsen the conflict. When each spouse is represented by their own attorney for collaboration or negotiation, it is easier to work through these issues and protect your own rights. This also helps protect the family’s privacy.

Tax Implications

There are tax implications during the division of certain assets and other financial decisions, and this amount is much more significant in high-asset divorces. It’s essential to consider this implication when making decisions on property division and alimony awards. If one spouse must pay taxes for a retirement account transfer or for selling the home, this financial loss should be accounted for.

Lengthy Process

High-asset divorces take longer than a standard divorce. It takes significant time to:

• Gather assets and documentation.
• Value and categorize assets.
• Determine and negotiate alimony and child support.
• Negotiate the division of assets.

All this requires more effort and professional aid than other divorces.

If the divorce is being handled through the court, it will likely require more hearings than the average divorce, and these must follow the court’s availability and schedule. A contested divorce will take even longer. It’s important to discuss your high-net-worth divorce with an attorney who can work to lower the amount of time required to finalize the divorce.

Prenuptial and Postnuptial Agreements

Marital agreements, including prenuptial and postnuptial agreements, are more common in marriages where one or both parties have a high net worth. Couples do this for many reasons, including to determine how property is divided in a divorce. As long as the agreement meets the standards for a legal contract and is not unconscionable to a spouse, the court will uphold a marital agreement.

In many cases, marital agreements speed up the process of a high-asset divorce by eliminating the need for spouses to negotiate property division. However, marital agreements may not name all assets, and it is important to have an attorney by your side to secure the assets you are owed. Additionally, an attorney can determine if the agreement is binding and fair to you.

High Legal Costs

Long legal proceedings increase the costs of a divorce due to court fees and attorney costs. High-net-worth divorces also require financial professionals and appraisers, making the costs greater. The complicated nature of a high-asset divorce can also result in higher attorney fees. It’s important to be aware of your attorney’s costs prior to working with them.

In some situations, a spouse with greater resources or income may draw out the process of a divorce in the hopes of forcing the other spouse to make an agreement that they otherwise would not want. In an out-of-court divorce, the finalized divorce requires each party’s agreement but in court, the court will eventually reach a decision. This means that, in some cases, it is beneficial to take a divorce to court.

Business Ownership and Interest

All assets must be valued, but the valuation of a business is especially complicated. One or both spouses may own a business or have interests in a business. This ownership or interest must be categorized as separate or marital property and valued accurately. Valuing business ownership or interests can often be difficult, and it must be done carefully. The value of a business can significantly impact the division of property or the awarding of alimony.

Whether a business is considered marital or separate property, it will impact the divorce. Even if the business or interest was obtained prior to the marriage, portions of continued income or increased value are likely to be marital property. There are several options for navigating property division with a business, including:

• A buyout
• A salary
• Restructuring
• Co-ownership
• A sale

An attorney can advise you regarding your unique situation.

Complex Asset Valuation

High-net-worth divorces tend to include significantly more diverse and numerous types of assets. These may include:

• Real estate properties
• Stocks and bonds
• Luxury personal property
• Offshore accounts
• Retirement accounts
• Any other high-value items and accounts

These, as well as the property that is in any divorce, must be categorized as separate or marital property and valued. Property may be listed as marital or separate in a marital agreement. If there is no marital agreement, spouses must either negotiate the division of assets or allow the court to divide property. The court divides marital assets according to equitable distribution laws.

Marital property is anything that the spouses obtain during their marriage, from the date of marriage to the date when the parties file for a divorce. Separate property is not split between spouses, but its value is important to determine a fair split of marital assets.

Hidden Assets and Asset Dissipation

If either spouse hides assets purposefully to alter the evaluation of marital or separate assets, there are steps that the other party can take with their attorney to uncover these assets. Spouses may:

• Dissipate marital assets in an attempt to prevent their spouse from obtaining those funds.
• Give loans to family members until after the divorce.
• Under-report their income.
• Hide assets in a business.
• Overpay their taxes to receive a higher tax return.

If you suspect that your spouse is hiding assets, your attorney can help determine the next steps to uncover evidence of those actions.

Financial Professionals

Effectively valuating assets in a high-asset divorce may require financial professionals, such as forensic accountants and real or personal property appraisers. This is especially necessary if the spouses do not agree on the value of a marital asset. Financial professionals are also useful for professionally evaluating a business. Forensic accountants are useful when one spouse is suspected of hiding assets.

Your High-Net-Worth Divorce Attorneys in Deerfield Beach

A complicated divorce only increases the emotional and psychological strain of the process. By using legal support and resources, you may be able to secure a resolution to your divorce more quickly and with less stress. When you need dedicated and experienced legal care, contact Fairway Law Group.