At Miami Family Law Group, we understand that high-asset divorce cases are much more complex and difficult, compared to that of a typical divorce proceeding. Such divorces pose significant stakes for both parties. To ensure that you have the best chance of receiving a fair share of the substantial assets accrued during the marriage, your best option is to obtain the services of an experienced divorce attorney. Our experienced lawyers understand the difficulty clients face in such cases and will work tirelessly to protect your best interests.
With legal representation from one of our skilled attorneys, you ensure that you have an advocate that comprehends your situation and needs. If necessary, we can collaborate with forensic accountants, tax law experts, and asset appraisers to ensure that you receive a fair share of your marital assets.
As a family law firm, we use mediation and negotiation tactics to help clients and their spouses move forward in their discussions. This can help facilitate a productive and amicable resolution. Negotiation meetings or mediation meetings, if you cannot sit in the same room together, reduce the need for costly court intervention and will likely save you a lot of time and energy.
If it becomes obvious that you and your spouse cannot come to an amicable decision through mediation, our attorneys are ready to fight on your behalf in court. Our team is comprised of trial-tested attorneys that are equally as skilled in negotiation and mediation tactics as they are in litigation.
To discuss your case with our team, call us today at 305-916-4053.
Division of High-Value Asset Marital Estates via Florida's Equitable Division Rules
When you and your spouse divorce, and your marital estate contains high-value assets, it will need to be decided how the assets will be allocated after your divorce, before your divorce is finalized.
This can be done in two ways. The first way is to come to the decision between the two of you. Amicable decisions made between the two spouses are arguably the best way forward.
The other option for those who cannot come to a decision is for the Judge to make a ruling on what they think is the fairest and equitable way to divide your marital property.
With the second option, the Judge has the ability to divide the marital estate in an equitable manner as they see fit. This does not always equate to 50/50. This means that not only will you incur court costs and drag the divorce proceedings out a lot longer if you require court intervention, but the decision will be one that is out of both of your hands.
Our Key Biscayne high net worth divorce lawyers will work with you and your spouse to help you sit down and come to an amicable agreement on the division of your marital estate and will be responsible for:
- Completing a full and comprehensive evaluation of the assets and property holdings of each individual. This includes pensions, investments, retirement accounts, and real estate.
- Account for sacrifices made by either spouse. A common example is if one spouse has taken a step back from work or the business in order to look after children.
If, through mediation and negotiation you are not making progress, and court intervention has become necessary, the first step is usually to take a full inventory of the assets involved. This includes all the community property, which includes all assets obtained during the marriage, and the separate property, which includes the assets owned before the marriage.
Financial experts may need to be brought in to place a value on more complex assets, such as investments and retirement funds, that may be worth a lot more in the future than they are now. These financial experts may include business experts that can help place a fair market value on businesses owned by the couple.
If you and your spouse own a business together, dividing the business can lead to a lot of conflict. When both parties have spent a lot of time building a successful business, coming to a decision where one party has to step down or be bought out may be the best option, but this may not be what either party wants.
Exceptions to Community Property
There are certain assets that may have been obtained during the marriage that may be exempt from being classed as community property. This is why a full evaluation of all assets needs to be carried out. Under community property rules, all assets obtained during the marriage are up for fair and equitable division, apart from: gifts of money, compensation payouts, and inheritance, that may be excluded.
Some of the assets that may, or may not be up for division in high net-worth divorces include:
- Business interests.
- Art collections.
- Stock options.
- Investments.
- Jewelry.
- Real estate holdings.
- Vehicles and boats.
- Retirement accounts.
- Valuable furniture.
How Can a Key Biscayne High Asset Divorce Attorney Help?
A Key Biscayne high asset divorce attorney can help in many ways, including:
Identifying and Valuing Assets
One of the most important aspects of a high asset divorce is identifying and valuing all of the assets involved. A high asset divorce attorney can help you identify all of the assets that need to be divided, including real estate, investments, businesses, retirement accounts, and more. They can also work with experts such as appraisers and forensic accountants to value these assets accurately.
Negotiating a Fair Settlement
Dividing assets in a high asset divorce can be complex, and it can be difficult to reach a fair settlement without the help of an experienced attorney. A high asset divorce attorney can negotiate on your behalf to ensure that you receive a fair share of the marital assets.
Protecting Your Interests
In a high asset divorce, there may be many assets at stake, and it is important to protect your interests. A high asset divorce attorney can help you protect your assets by ensuring that all property is properly classified as separate or marital property, and by negotiating a settlement that is in your best interests.
Handling Complex Legal Issues
High asset divorces can involve complex legal issues, such as tax implications, property division, and spousal support. A high asset divorce attorney can help you navigate these issues and ensure that your rights are protected.
Providing Guidance and Support
Going through a divorce can be emotionally challenging, especially when there are high stakes involved. A high asset divorce attorney can provide guidance and support throughout the process, helping you make informed decisions and protecting your interests every step of the way.
Investigation of Hidden Assets
When couples negotiate, it is crucial to disclose all assets. Unfortunately, some spouses attempt to conceal their assets, which we frequently encounter.
Individuals use a range of complex strategies to hide their assets from their spouse and the court, some of which may be difficult to discover and not appear on financial statements, such as liquid assets like bonds or offshore bank accounts. Cryptocurrency has become one of the more common and complicated assets in recent years. Due to their decentralized nature and anonymity, it can be challenging to uncover an individual's true holdings. However, by working with skilled investigators, we have a good chance of discovering them, making them visible to the courts and discrediting your spouse.
When it comes to marital property and hidden assets, our team can help:
- Connect you with investigators who will dig deep and discover all of the assets your spouse is trying to hide from you.
- Disclose all unlawful expenditures we find, as well as any hidden income streams.
- Look for evidence that your spouse has cryptocurrency holdings they are not telling the courts about.
- Look for evidence of offshore bank accounts that may contain hidden assets.
- Connect you with expert evaluators in the business space that can provide a true valuation of your business.
- Place an accurate valuation on unique art, collectibles, and precious stones.
- Connect you with tax advisors who can help you minimize any tax implications as a result of the divorce.
The team here at Miami Family Law Group is standing by and ready to help. Once you have obtained high-quality legal representation from one of our team, they will provide you with professional legal counsel and advise you on your rights and best course of action. As a family law firm we can handle all aspects of your high-asset divorce, such as child custody battles, alimony battles and child support.
Key Biscayne, FL Divorce Lawyer - FAQ
How is spousal support awarded in Key Biscayne, FL, high net worth divorces?
When it comes to determining spousal support in Florida, the courts will examine each spouse's individual circumstances. They will look at the contribution each spouse has made to the marriage, the lifestyle of each spouse, the sacrifices each spouse has had to make, and their ability to remain self-sufficient after the divorce proceedings.
Due to their nature, a high-net-worth divorce will usually result in a larger level of spousal support unless both parties are high-net-worth individuals. This is because the income disparity between couples is a major factor. If one spouse has given up the chance of further education or sacrificed a career, it is likely that they will be awarded spousal support to allow them to get back on their feet, retrain or re-educate.
How do prenuptial agreements affect Key Biscayne, FL, high net worth divorces?
A prenuptial agreement, or a prenup is a document designed to protect an individual's assets from the division of assets upon divorce. High net worth individuals may wish to sign a prenup when they are getting married to protect themselves from having their assets divided.
In addition, prenuptial agreements can help protect the financial interests of each party, as well as protect their respective rights should the marriage end in divorce.
How do child support guidelines change in a Key Biscayne, FL, high net worth divorce?
Child support guidelines may need to be adjusted to suit the increased financial resources that are in play when one or both parents are high-net-worth individuals.
When deciding upon child support payment schedules, the courts will want to consider the income and wealth of each parent. Child support payments should ensure that the child gets to live to the same standard of living they lived before the divorce.
What common issues are associated with Key Biscayne, FL, high net worth divorce?
After dealing with countless cases over the years, here at Miami Family Law Group, we have found that the following issues are the most important to address if you are considering a divorce:
- Complex asset division: Dividing marital property can be exceedingly difficult when there are a lot of complex assets involved. With high net worth individuals in Florida, there will likely be a number of investments and retirement accounts that need to be valued and split. There may also be stock options and real estate across the world that will need to be accounted for.
- Alimony/spousal support: In order to maintain the same standard of living after sacrificing a lot for the marriage, many high net worth divorces will involve spousal support being paid to the individual that sacrificed a job or education for the marriage.
- Tax issues: Understanding how the divorce and division of assets is going to affect each party in terms of tax implications is important in a high net worth divorce. With the high value of assets being divided, there could be significant changes in each party's tax status.
- Privacy: The wealthy residents of Florida value their privacy, which can make it complicated when it comes to revealing their financial information during the divorce process.
Is alimony always awarded in a high-net-worth divorce in Florida?
No, alimony is not always awarded. In marriages where both parties involved are high-net-worth individuals, it is unlikely that one spouse will need support following the divorce. The courts will also consider how long the marriage has lasted, what sacrifices were made by each spouse and who contributed the most to the marriage in their decisions.
Alimony will be decided on a case-by-case basis.
What qualifies as high net worth in Florida?
In Florida, as in most places, "high net worth" is a relative term and can vary depending on various factors such as the person's income, assets, and financial goals. However, in general, high net worth individuals are typically defined as those with a net worth of $1 million or more.
How do Florida courts divide a business in a high-asset divorce?
If the court determines that the business is marital property, it will generally order a valuation of the business by a professional appraiser. Based on the valuation and the other factors above, the court will then determine a fair and equitable division of the business and any other marital property involved in the divorce.
When does adultery matter in a no-fault high net-worth divorce in Florida?
Adultery does not have much effect on a no-fault divorce in Florida. The grounds for a no-fault divorce are usually that the couple no longer love each other and make decisions together. This is called insupportability. In Florida, "faults" like adultery are not considered when it comes to making important decisions, such as the division of marital property.
Contact a Skilled Attorney at Miami Family Law Group Today
The Miami Family Law Group understands that high-asset divorces are often complex, emotionally charged, and financially significant. Our experienced attorneys are here to help guide you through this difficult time and provide you with the support and representation you need to achieve the best possible outcome for you and your family.
We offer a personalized approach to each case, taking the time to understand your unique needs, goals, and concerns. With our extensive knowledge of Florida divorce laws and our experience in handling high-asset divorce cases, we are equipped to handle even the most complex and contentious cases.
If you are facing a high-asset divorce in Florida, don't go through it alone. Contact Miami Family Law Group today to schedule a consultation and find out how we can help you protect your interests and move forward with your life.
Call us today to arrange an initial consultation at 305-916-4053.
