What Is The Dollar Value For A High Net Worth Divorce In Florida?
Florida divorce and family laws cover a wide range of topics, but one you will not find in the statutes is a separate process or treatment for high net worth divorce. There is no term related to it in the Florida divorce law definitions, so you cannot establish a dollar amount. This is because the value of the marital estate, which is all property you own as a couple, does not matter for purposes of going through the divorce process. Your case will proceed just as the one involving two spouses with a nominal marital estate.
However, this is not to say that high net worth divorce is just as easy. There are far more complexities due to disputes and the nature of complicated assets, among other factors. In general, the stakes are higher for both parties, so it is important to work with an Orlando high net worth divorce attorney who has experience with these cases. You can also review some information on what to expect with the process.
How the Laws Work: The two key issues with any divorce are more in focus when the spouses are wealthy. The statutes are clear on how courts make decisions in these areas:
- Property division works according to the concept of equitable distribution. A judge will divide up the marital estate according to the interests of fairness.
- With alimony, the court does a two-step analysis. The first is to determine whether there is a need for financial support, and the second is deciding the type, amount, and duration. Note that there is no permanent alimony in Florida after enactment of recent legislation.
Complications with High Net Worth Divorce: Though the laws apply the same, the complexities with a valuable marital estate are significant. Some of the factors that make high net worth divorce so challenging include:
- How assets are held, whether individually, jointly, in a trust, or other ownership options;
- Whether the property is liquid, meaning it can be either sold or distributed to one spouse;
- The impact of taxes on property division between the parties; and
- The need to purchase life insurance as a backing for alimony and child support.
Marital Settlement Agreements: One of the benefits of Florida divorce laws is that they are flexible, so parties can negotiate an agreement instead of falling back on the rigid statutes on property division and alimony. When you think about the value of your marital estate, you want to protect what you earned, invested, and grew. A marital settlement agreement enables you to retain more of the wealth you worked so hard to attain. Litigation is costly, time-consuming, and risky. Martial settlement agreement can keep legal fees down and preserve each parties time.
Rely on a Central Florida High Net Worth Divorce Lawyer
Legal representation is always essential when going through divorce, and the need for experienced counsel is even more obvious when you have a sizable marital estate. Our team at Greater Orlando Family Law is prepared for challenges, so please call 407-377-6399 or go online to set up a consultation.