High Net Worth Divorce Lawyer in Brevard and Seminole Counties
High Net Worth Divorce Lawyer in Brevard and Seminole Counties
High net worth divorces involve couples whose property has a high monetary value. These types of divorces proceed under the same legal principles and procedures but are more complicated given the nature and extent of the property to be divided. High-asset divorces are often facilitated by prenuptial or postnuptial agreements when they are applicable and have been lawfully made, but even in these situations, the terms and conditions can be successfully challenged.
Having a resourceful, experienced high net worth divorce lawyer in Florida is critical to a fair divorce. At BLC Law, our high-asset divorce attorney in Brevard County will review your documents, property, and claims, and explain your legal options. Throughout the process, we uphold your rights and interests. Contact us today at (321) 306-8718 to learn more about high net worth divorces in Florida and how we can help you.
What is a High Net Worth Divorce?
Most divorces are contentious matters, with parties disputing who should get what. For couples that have assets worth a large amount of money, it can be even more complicated and litigious. These divorces are considered to be of high net worth, and the issues that must be handled in them are often far more complicated than a typical divorce.
Common Issues to Consider in High Net Worth Divorces in Florida
High net worth divorces generally have issues that are unique to persons with a large amount of assets. Following are some of the matters that must be considered in these divorces.
The first matter to consider is marital property. This property is the subject of what's to be distributed between the parties. Florida is a equitable distribution state meaning the marital assets will usually be divided 50-50 unless their are factors such a each parties' contribution to the marriage that would warrant one party being entitled to more than half of the marital estate. Some additional factors that are considered by a Court when determining equitable distribution are:
- Whether or not the parties entered into a prenuptial or postnuptial agreement
- Whether or not some or all of the assets were owned by one of the parties prior to marriage
- Whether or not the assets were inherited by one party
There may be other considerations as well, we would be happy to discuss these with you.
Determining the value of assets can be a complicated process involving expert valuations and opinions. These experts must have access to pertinent documentation, conduct research, and prepare a valuation or appraisal report that can be presented in court. The expert may be expected to testify in court as to how they reached the values they placed on the assets.
Valuation of assets can be particularly difficult as many of the assets are fluid, with changing value. This includes stocks and businesses whose futures are unpredictable.
Distributing property with high values can trigger a myriad of tax considerations. Often, a CPA or tax attorney will need to be brought in to determine the tax implications of certain property distributions. How the distribution will be affected by governing tax laws can affect how the parties divide the property.
Alimony, referred to as Alimony in Florida, is sometimes involved in high-asset divorces. Often, there may be a financially dependent spouse because one spouse has concentrated their time on growing the family's wealth while the other spent all their time raising children and caring for the home. The parties can either agree to the length of time and amount of Alimony or the court will decide it. Usually a marriage of 18 years or more will trigger entitlement to permanent alimony if one party can demonstrate their need for alimony and demonstrate the other party's ability to pay.
Not So Common Issues in Florida High Net Worth Divorces
In most circumstances, divorces are filed as no-fault divorces. This means that the marriage is irretrievably broken or the couple has irreconcilable differences.
Some jurisdictions will consider something like adultery when determining the distribution of assets. The spouse would have to show that the adulterous spouse wasted marital property on and during the affair. The value of that waste would have to be determined and then could be compensated through asset division.
How Long Will a High Net Worth Divorce Take in Brevard County?
High net worth divorces can take a fairly long time to complete. This is mainly due to the amount of documentation and other paperwork that must be reviewed to determine exactly how much value the property owned by the couple is worth. CPAs and property valuation experts will need to review the numbers and determine asset values. Also, once that value has been established, it is common the parties will argue over the division of the property. You will need an experienced attorney to help you understand what a Court is likely to award you.
There are other factors that can affect the duration of a high-asset divorce. Sometimes, accusations or suspicions of hidden assets arise, and that may take some time to investigate and discover. Although an experienced attorney will know how to cut to the chase and find any undisclosed assets on your behalf.
In most cases, prenuptial or postnuptial agreements can help make the process go smoother. There are rare cases where a prenuptial agreement or postnuptial agreement can cause delays, if one party challenges the terms and conditions or overall validity of the contract.
In sum, for a high net worth divorce, you could be looking at one year before the divorce is finalized. In some cases, it can take years. A divorce lawyer in Florida with experience and resources will know what to look for and how to move the divorce along with minimum hiccups. The divorce lawyer you hire can have a real impact on your divorce and your financial interests.
Contact a High Net Worth Divorce Lawyer in Brevard County Today
Couples can spend years accumulating wealth together. When they divorce, the distribution of that wealth can become contentious, making the process harder and longer. At BLC Law, Beth is experienced with high net worth divorces in Florida and intends to uphold your rights and interests and move the divorce along as smoothly and quickly as possible. Contact us today either by using our online form or by calling our office at (321) 306-8718 to schedule a Divorce Consultation.