Expertly Navigating the Complexities of High Net Worth Divorces with Care and Discretion
High Net Worth Divorce Overview
A high net worth divorce involves more the one million dollars in the parties combined liquid assets. Assets acquired such as cash, property, real estate investments, stocks, bonds, and retirement accounts in addition to businesses, luxury vehicles, boats and planes, jewelry, and other expensive items.
A high net worth divorce by definition is more likely to be contested due to the fact that there are more issues involved. Every divorce can be complicated, but a high net worth divorce, with complex issues and more assets to divide will call for an experienced attorney with a knowledgeable approach protecting clients, including working with experts in valuations of real estate, businesses, and estate planning.
Division of Property During a High Net Worth Divorce
Dividing properties and assets in a dissolution of marriage in cases that involve high-net-worth can be more involved and complex, however Florida is an “equitable division” state, which means that all marital assets and liabilities are divided between the spouses in a fair and equitable manner. The presumption in Florida law is that the distribution is equal (50/50) unless there it is determined that there is reason for unequal distribution. Courts may determine an unequal division when certain factors are considered, including:
- the contribution to the marriage by each spouse, including contributions to the education and care of children and services as a homemaker,
- the length of the marriage,
- the economic circumstances of the parties,
- the sacrifices of one spouse for the other spouse's career or education,
- and any other relevant factor.
Alimony Determination in a High Net Worth Divorce
The courts may order the high-earning spouse to pay spousal support to the other, known as alimony. Florida has different types of alimony. The alimony is determined by the need for alimony and ability to pay alimony. When determining the proper type, amount, and duration of alimony, courts may consider all relevant factors, including:
- the duration of the marriage,
- the standard of living established during the marriage,
- the parties' age, and physical and emotional conditions,
- the financial resources of each party,
- the contributions of each party, including services rendered in homemaking, child care, education, and career-building of the other party, and
- the parties' child responsibilities.
Child Support Calculation in a High Net Worth Divorce
Determination of the amount of child support each party is responsible to pay, applying a specific mathematical formula in the Florida child support guidelines, and considers a variety of factors including:
- the parents' gross earnings from all sources and the appropriate deductions,
- the timesharing arrangement and number of overnights each parent has with the child,
- the amounts paid for the child's medical and/or dental insurance, and
- the amounts paid for the child's daycare.
The courts may determine that child support that exceeds the guideline amounts in certain circumstances. The largest factor in calculating child support is the parents' income, other relevant factors the courts may consider in high-net-worth cases include private school tuition, summer camp costs, specialized tutoring, and expensive hobbies.
Here are the two most common questions clients ask us regarding high net worth divorce:
How long will this take? The duration of a high net worth divorce is influenced by factors like asset complexity, negotiation intricacies, and court proceedings. While we prioritize efficiency, our primary focus is ensuring a thorough and fair resolution. During our initial consultation, we can provide a more accurate estimate based on the unique aspects of your case.
How much will this cost? The cost of a high net worth divorce varies greatly depending on the complexity of assets, scope of negotiations, and potential litigation involved. We provide a tailored approach to suit your unique situation, ensuring cost-effective and efficient solutions. A detailed estimate will be discussed during our initial consultation, aligning our services with your specific needs.
The Legal Process
Here's a general overview of the steps involved in navigating a divorce with us. From initial consultations to final agreements, we break down each stage, providing clarity and guidance to help you understand what to expect. Our aim is to make the legal journey as smooth and informed as possible, ensuring you feel supported at every turn.
Initial Consultation and Case Evaluation: We begin with an in-depth consultation to understand the unique aspects of your situation. This includes discussing your goals, the extent of your assets, and any specific challenges or concerns you have, setting the groundwork for a tailored high net worth divorce strategy.
Asset Analysis and Negotiation Strategy: Following the initial meeting, we conduct a meticulous analysis of all marital assets, investments, and financial matters. Based on this, we develop a negotiation strategy aimed at achieving an equitable division of assets while protecting your financial interests.
Legal Process and Resolution: The final step involves navigating the legal aspects of your divorce. From drafting and filing necessary documents to representing you in court if needed, we ensure every legal detail is meticulously handled. Our objective is to reach a resolution that aligns with your goals and secures your financial future post-divorce.