Contested High-Net Worth Divorces In Florida
High-net worth couples have to navigate certain hurdles that other couples don’t necessarily face in their divorce. Yes, their divorces tend to be more expensive, and this is largely because they are more complicated. High-net worth couples have more assets to divide, property that needs to be appraised, and financial matters to sort out. When the couple can’t agree to the terms of their divorce, the matter often comes before a judge who hears arguments from both sides concerning key issues related to the divorce. So, a spouse in a high-net worth divorce needs a qualified litigator to help adequately present their case and ensure the best possible outcome. In this article, the Tampa, FL high-net worth divorce attorneys at Faulkner Law Group, PLLC will discuss contested divorces for high-net worth couples and the unique challenges that they face.
Equitable distribution under Florida law
In some states, property division is simple. The marital estate is divided in half no matter what. These are known as community property states, and they take a lot of the judge’s discretion out of the matter. In Florida, the law works differently. Instead of dividing the marital estate in half, judges will divide the marital estate based on what is equitable to both parties. This means that if one spouse has significantly less earning power than the other, then that spouse would be entitled to more of the marital estate. In other words, a spouse who earns less may be entitled to 60% of the marital estate depending on how much less they earn.
The other factor you need to be aware of is the marital estate itself. All property and assets accrued during the marriage are considered a part of the marital estate. This excludes separate property, property acquired before the marriage, and certain exceptions such as inheritances and personal injury judgments.
The groundwork in high-net worth divorces
Another important component of a high-net worth divorce is doing the ground work to ensure that property and assets are valuated properly. You will want to take as much of the guesswork out of the process as possible. This often requires litigants in a divorce to hire qualified valuation experts who can give you a specific figure on the value of a business. In many contested divorces, each side hires their own valuation expert and the judge must decide how much the business is worth. An expert’s opinion can be of supreme worth if you end up arguing before a judge.
Talk to a Tampa, FL Family Law Attorney Today
If you are pursuing a high-net worth divorce, the Tampa family law attorneys at Faulkner Law Group, PLLC can help you prepare for your case by ensuring that you have access to experts who will testify on your behalf. Call our office today to schedule an appointment, and we can begin discussing your next steps right away.
