Fort Lauderdale High-Net-Worth Divorce Lawyer

Fort Lauderdale, FL High-Net-Worth Divorce Attorney

High-net-worth divorces in Fort Lauderdale include all the typical aspects of a divorce, such as property division, alimony, child custody, child support, and the emotional challenges of any divorce. In addition, these divorces see legal and financial complications that lengthen proceedings. When you have high-value or complex assets, you want to work with a Fort Lauderdale high-net-worth divorce lawyer to protect your rights and your financial security.

Secure Your Future With an Experienced High-Asset Divorce Attorney

When one or both spouses have a high net worth and high-value separate or marital assets, both parties have a lot they could lose. In many high-net-worth divorces, this increases the disputes and distrust between parties. It’s important for both parties to have legal counsel to represent their interests and help them understand the ideal path for their divorce. These divorces take significant time to value and categorize assets, and disputes will only make them take longer.

You need experienced divorce attorneys who understand the unique needs of a high-net-worth divorce and can help you navigate the process more efficiently. At Fairway Law Group, our attorneys have more than 20 years of combined experience in law and litigation. Our team also understands that avoiding litigation has many benefits for couples, especially those in high-asset divorces.

Our firm understands the individualized care and legal support required for spouses who want to protect their hard-earned wealth and provide for their families. We work to bring creative solutions and professional resources for the division of property, alimony, child custody, and anything else that needs to be addressed during a separation. We give you the information you need to approach your case with confidence.

What Is a High-Net-Worth Divorce?

A high-net-worth divorce is frequently considered to be any divorce where the combined assets of both spouses are worth around several million dollars. When couples have businesses or business interests, complex real estate assets, or resources and income that are higher than the state guidelines for alimony and child support, this is likely a high-asset divorce.

Because of the complexity and high value of their assets, significant time must be taken to accurately evaluate them prior to dividing them. It also takes more time to determine which assets are marital and which are separate. Couples must also consider other complications, such as tax implications, prenuptial agreements, and the potential for hidden assets. These divorces can greatly benefit from a dedicated attorney.

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

Some of the common aspects of a divorce settlement are affected by a couple’s high net worth. These include:

Property Division

Although the laws applying to property division do not change, regardless of net worth, high-value assets make the process longer and more complicated. Separate and marital assets must be accurately valued to create a fair split.

Spouses can either follow a preexisting marital agreement, determine the division of property in a settlement agreement, or have the property divided by the court under equitable distribution laws. Under equitable distribution, the income and resources of each party, their contributions to the marriage, and other relevant factors are considered to determine what is a fair split.

Alimony

Alimony, or spousal support, is not always awarded in a divorce. When one spouse is in need of financial support, and the other spouse has the ability to pay, the court will likely assign alimony. In high-net-worth divorces, a significant difference in wealth between parties may be addressed by property division, alimony, or both. The high income of the parties involved may also mean that the usual state guidelines for calculating alimony do not apply.

Child Support

In any divorce, child support is assigned to ensure that each parent provides financial support for their child. To determine a fair level of support, the court uses a formula that considers several factors, including income and childcare costs.

In a high-net-worth divorce, this formula likely will not apply, as income levels will exceed the maximum. Additionally, childcare costs for children of high-net-worth marriages are different. Children have a higher expectation for their standard of living, and there are greater costs for childcare associated with that. The court will consider these factors, and it will have the discretion to assign an individualized child support amount.

Whether you are getting a divorce through litigation or through negotiating a separation agreement, you need an attorney to protect your legal and parental rights and ensure your financial interests. Child support and alimony can provide significant help for spouses and children, and it is important that these payments are fair for both parents.

How Does an Attorney Help With My High-Net-Worth Divorce?

When you work with a qualified attorney, your divorce is more likely to be resolved faster. Additionally, an attorney who has worked on high-net-worth divorce cases before has the resources, such as property appraisers, to aid with the process of valuing assets. If you suspect that your spouse is hiding assets, an attorney can begin the process of a formal discovery to uncover those assets.

Attorneys can also help you determine the costs and benefits of handling your divorce through litigation or mediation. There are several benefits to settling a divorce out of court, and many spouses prefer this method. Even contentious divorces can be handled through collaborative divorce outside of court.

However, in cases where one spouse has significantly more power than the other, such as more financial resources, out-of-court agreements can end up being unfair. In other situations, a spouse with more financial assets may draw out mediation or negotiations to force their spouse to agree to a settlement. When you work with an attorney, they can help you determine if litigation is the right option for your divorce.

How Much Net Worth Do You Lose in a Divorce?

The net worth you lose in a divorce will depend on several factors, including:

• How marital property is divided
• The amount of assets that are considered your separate property
• Whether alimony is assigned
• If you pay child support

Additionally, a divorce is a very costly process. An attorney can look at your unique situation and help you determine what you may lose in a divorce. Your divorce lawyer could also be helpful in determining what methods of divorce may limit the impact on your finances.

What Are the Benefits of Settling a High-Net-Worth Divorce Out of Court?

A carefully navigated high-asset divorce can take place outside of a court battle. This can be beneficial for couples for many reasons, including:

• Keep It Private: High-net-worth divorces are more likely to attract media and other attention than a standard divorce. By negotiating or mediating your divorce, the process is private. Discussions, financial information, and other sensitive information are kept confidential, and they won’t be a matter of public record, like a court hearing is.
• Expensive: Although there are many costs associated with a high-net-worth divorce, mediating or collaborating on the process is likely to be less expensive than litigation. Additionally, it may also allow for a more efficient finalization, lowering costs. This can also ensure better financial security for you in the future.
• More Control Over the Outcome: When you litigate your divorce, the court has the final say in your divorce orders. Although you and your attorney can advocate for your wishes, you do not control the outcome. By handling the divorce through alternative methods, you control the final separation agreement. When spouses have specific wishes for property division, this can be helpful. Planning child custody can also help parents create an agreement that fits their family’s needs and is more practical.
• Less Stressful: For any divorce, keeping the proceedings out of court is better for both parties and any children they have. It also helps parents work together in their children’s interests, which can benefit a co-parenting arrangement.

The benefits of creating a separation agreement outside of court only exist if the court approves the final agreement. By having an attorney by your side, you can have someone looking out for your rights and determining if the court is likely to approve the agreement.

How Is a High-Net-Worth Divorce More Complex?

There are several other challenges unique to high-net-worth divorces, including:

• Divorces are more likely to be contentious because each spouse has so much financial security to potentially lose.
• Valuing assets is more complex and takes longer, and there are more fears that it will be done inaccurately.
• Divorces take longer, are more stressful as a result, and can be more expensive due to their complexity and length.
• There are unique tax implications from the division of high-value assets that must be taken into account.
• Additional financial professional aid is needed.
• Couples are more likely to have marital agreements distributing assets.
• Decisions must be made for dealing with business ownership and business interests.
• Spouses in high-net-worth divorces are more likely to hide marital or separate assets.

Fairway Law Group: High-Asset Divorce Attorneys in Fort Lauderdale

At Fairway Law Group, we bring our clients effective and diligent legal support. If you are dealing with a high-net-worth divorce case, our attorneys can help you protect your family and financial interests. Contact our team today.