High Net Worth Divorce Attorneys in Melbourne, FL
Serving High-Asset Professionals and Business Owners Throughout Brevard County
Divorce is a complicated process for anyone, but the level of complexity rises significantly when it comes to CEOs, professional athletes, celebrities, business owners, executives, and high-net-worth professionals. If you have a high income, own a business, multiple properties, or valuable assets, work with the Figueroa Law Group, P.A. We have years of experience dealing with high net worth divorces in and throughout Melbourne, FL.
Our team can help you fully understand the divorce process. We are dedicated to carefully examining your case’s details, including your financial status, yearly income, marital property, and all assets, so that you are clearly aware of what you may gain or lose moving forward. To discuss your case with our firm, please call or contact us online.
Why Do I Need a High Net Worth Divorce Attorney in Florida?
A divorce having more than one million dollars ($1,000,000.00) in net liquid assets has generally been described as a high-net-worth divorce. A growing number of cases today include multiple millions of dollars, and the sum has significantly increased. Such divorce matters are commonly handled by Figueroa Law Group, P.A.
There are typically four steps involved in the equitable allocation of marital assets:
- Determine all assets;
- Classify each asset as married, separate, or a combination of the two.
- Each asset’s marital components should be valued; and
- Distribute marital assets evenly among the parties while keeping the concept of “tax-impacting” in mind.
A high-net-worth divorce frequently presents particular problems, most of which are linked to identifying, valuing, and distributing the couple’s assets.
Those who have worked hard to achieve this level of wealth are more vulnerable than others. To decrease their risk and ensure a full and equitable asset distribution, high-net-worth people need an attorney with experience handling these types of matters.
Why are high-net-worth divorces more difficult?
Because of the more complex financial scenario in which these spouses find themselves, high net worth divorce proceedings might be more challenging than normal divorce cases. Property division, in particular, becomes a major point of conflict. This is mostly because high-net-worth couples frequently have non-traditional assets that can be hard to appraise and divide.
Other assets frequently held by high net worth individuals, in addition to the traditional assets like bank accounts, include:
- Retirement accounts
- Business ownership or partnerships
- Investment accounts
- Real estate
- Stock options
Moreover, many wealthy people have complex marital agreements, including prenuptial agreements, that must be addressed (and in certain cases defended) during the process of divorce.
The Essentials of a High-Net-Worth Divorce
Division of Marital Assets
Being wealthy may increase the likelihood of a couple divorcing. While many couples remain together owing to financial restrictions, wealthier couples have more leeway when it comes to divorce because they can afford things like daycare and separate housing. Preserving this wealth is a major concern in high-net-worth divorces, and the allocation of marital assets is frequently the source of most disputes between spouses.
In Florida, all marital property—assets and debt accumulated during the marriage—is subject to equitable division in divorces. Stocks, business assets, monies in bank accounts and retirement accounts, personal property, real estate, and other assets are included. It is critical to accurately inventory all assets in a high-net-worth divorce, which can take months. Many couples have been known to conceal assets from their spouse in the form of offshore bank accounts, secret bank accounts, or even cash.
Another concern that high-net-worth divorces face is significant spending rampages before the divorce is finalized, with one partner making large last-minute purchases on everything from vehicles or jewelry to stocks and real estate.
There is no such thing as a maximum amount for child support. It is determined by the child’s needs (schools, childcare, food, clothes, healthcare, housing, toys, vacation, and so on), the number of kids the parents share, and the ability of the non-custodial parent to pay. The expense of raising a kid is typically substantially higher for high-net-worth parents than for low- to middle-income parents.
Child custody is a major problem in all types of divorces, including high-net-worth divorces. Child custody battles can last months, and the child suffers as a result. A competent attorney can assist you in settling disputes while still achieving your objectives.
Spousal support, often known as alimony, is money provided by the higher-earning spouse to the lower-earning spouse. Spousal support is calculated using considerations such as the length of the marriage and the contributions each partner made to the marriage, as well as the need of the lower-earning spouse and the ability of the higher-earning spouse to pay.
High Net Worth Divorce and Property Division
Like all other kinds of divorce, high net worth divorces also involve issues such as child custody, alimony, and child support. The difference with high-asset cases comes down to the determination of income and property division. Properties and assets in these types of divorces tend to be much more valuable and may come with significant tax considerations.
High net worth divorce cases may include the distribution of:
- Stock options
- Retirement benefits
- Trust funds
- Employee profit-sharing plans
- Real estate property/investments
- Offshore bank accounts
- Executive bonuses
- Other employee benefits
Business owners can have a particularly difficult and burdensome time during the legal process of a divorce simply because it is often problematic and complicated to distinguish and classify marital property from the non-marital property.
Determining and defining marital property is only half the battle because the next step is figuring out what assets can be divided and what is their fair value. High net worth professionals and executives may have numerous forms of income, status, stock options, and other financial incentives that are extremely complex.
If you need a Melbourne, FL high net worth divorce attorney, call us today.
Tips for a high-asset divorce
Maintain Self-Control—By yelling at your partner, you are hurting yourself just as much as you are hurting them. Divorces involving high emotions are more expensive, take longer to resolve, and cause long-term emotional damage to all parties involved.
Keep an open mind—You won’t get all you want in a divorce. Nor will your partner. Keeping this in mind will help both parties during agreements and save you headaches in the coming months.
Be Realistic— In high-net-worth divorces, it is essential to have realistic expectations. Being realistic will allow you to negotiate, make concessions, and communicate with your partner during these trying times.
Protect your future assets
Divorce outcomes can be greatly influenced by a prenuptial or postnuptial agreement. According to Psychology Today, a second marriage has around 67 percent chance of ending in divorce, although no one wishes to assume that a future union will fail. An attorney can provide you with protection through a postnuptial agreement, which can provide you with economic stability and peace of mind if you decide to remarry.
Call our Florida High Net Worth Divorce Attorney Now!
At Figueroa Law Group, P.A., we’ve had extensive experience with divorce cases in general. However, it’s always helpful to have a specialist like our Melbourne high-net-worth divorce attorney on your side of the table. After all, every detail of your case is an important one. Don’t leave yours up to chance—contact our firm today so we can help you find a solution.