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High Net Worth Divorce

High Net-Worth Divorce Attorneys in Jacksonville

Helping High-Net Worth Couples in Florida

Do you have a considerable amount of assets and property? Are you worried you will lose some or most of it to your spouse when you go through a divorce? Property division can be quite problematic in a high net-worth divorce, so you should take steps now to ensure you do what you must to protect your own best interests.

Owenby Law, P.A. has been dedicated to providing personalized legal advocacy for family law clients throughout Florida for more than 20 years. If you are concerned about how your high net worth divorce will pan out, then it is time to contact our law office to see how we can help.

Begin your case with a free initial consultation.

What is a High Net-Worth Divorce in Florida?

There is no established legal definition of what makes a divorce “high net worth”.

However, most legal professionals consider a divorce to be of high net worth if:

  • The shared marital value exceeds the state’s estate tax limit
  • The estate includes a home or similar piece of real estate.
  • One or both spouses are considered publicly famous.
  • One or both spouses own a family business.

As it can be seen by these general descriptions of a high net-worth divorce, there is much on the line. Failing to take the right steps to prepare your divorce case could risk losing important assets.

Common Assets Involved in a High Net-Worth Divorce

In a high net-worth divorce in Florida, various types of assets are typically involved. These assets can include:

  • Real Estate: This encompasses properties such as primary residences, vacation homes, rental properties, and undeveloped land.
  • Financial Assets: This category includes bank accounts, cash holdings, stocks, bonds, mutual funds, retirement accounts, and other investments.
  • Business Interests: In cases where one or both spouses own businesses, the valuation and division of business assets become crucial in the divorce process.
  • Retirement Accounts: These can include 401(k) plans, IRAs, pensions, and other forms of retirement savings.
  • Personal Property: Valuable personal belongings like art collections, antiques, jewelry, vehicles, and other luxury items may need to be evaluated and divided.
  • Debts and Liabilities: Alongside assets, debts such as mortgages, loans, credit card debt, and other liabilities are also subject to division in high net-worth divorces.
  • Intellectual Property: Assets involving intellectual property rights, patents, trademarks, and copyrights may also come into play, especially if they contribute significantly to the marital estate's value.
  • Hidden Assets: Uncovering hidden assets or financial misconduct, such as offshore accounts, undisclosed income, or undervalued assets, is essential in ensuring a fair division of assets.
  • Family Business Interests: Ownership shares or interests in family businesses or closely-held companies can complicate asset division and valuation in high net-worth divorces.

The Complexities of High-Asset Divorce

In the realm of family law, high net-worth divorces present a unique set of challenges and complexities due to the substantial assets and financial intricacies involved. Here's an overview of why high net-worth divorces can be particularly complex:

  • Asset Valuation: High net-worth divorces often involve a wide range of complex assets, including real estate, businesses, investments, retirement accounts, intellectual property, and more. Valuing these assets accurately can be challenging, especially when there are fluctuations in market value or when assets are not easily liquidated.
  • Tax Implications: Dividing high-value assets can have significant tax consequences. Different types of assets may have varying tax implications upon sale or transfer, and overlooking these considerations can lead to costly mistakes in the divorce settlement.
  • Business Ownership: When one or both spouses own businesses, determining the value of the business interests, assessing cash flow, and deciding on the equitable division of these assets can be intricate. It may require the expertise of forensic accountants or business valuation specialists.
  • Complex Financial Structures: High net-worth individuals often have complex financial structures, such as trusts, offshore accounts, investments in multiple jurisdictions, and hidden assets. Unraveling these structures to ensure full financial disclosure is crucial for a fair division of assets.
  • Spousal Support and Alimony: In high net-worth divorces, spousal support and alimony calculations can be contentious. Factors like lifestyle maintenance, income disparity, future earning potential, and the duration of the marriage all come into play when determining the appropriate support payments.
  • Legal Representation: High net-worth divorces typically involve sophisticated legal issues that require specialized knowledge and experience. Each spouse may retain high-profile attorneys who are well-versed in handling complex financial matters, leading to intense negotiations and potentially prolonged litigation.
  • Privacy Concerns: High-profile individuals going through a high net-worth divorce may have concerns about maintaining privacy and confidentiality regarding their financial affairs. Protecting sensitive information from public scrutiny can add another layer of complexity to the divorce proceedings.
  • Emotional Impact: Beyond the financial complexities, high net-worth divorces can take a toll on the emotional well-being of the individuals involved. The stakes are higher, and the process may be more adversarial, leading to increased stress and emotional strain.

Navigating a complex high net-worth divorce requires a comprehensive understanding of financial matters, legal expertise, and strategic planning to ensure a fair and equitable outcome for both parties involved. Seeking guidance from professionals specializing in high net-worth divorces can help mitigate the complexities and facilitate a smoother resolution.

Collecting Evidence to Prove Your Ownership

Our Jacksonville high net-worth divorce attorneys are well-equipped to take care of your case in such a way that upholds your best interests. In particular, we want to make certain you gain your fair share of your prized assets. Florida uses equitable distribution rules, which means property is divided fairly, not necessarily evenly.

We will want to use any sort of proof of ownership or care possible. Receipts are useful for expensive property you purchased.

Paystubs can be beneficial in regards to retirement funds. Even your own bank statements might be able to show how you have contributed the family’s important bill payments, like mortgages. Using our investigative abilities, we are capable of creating sound arguments for your side of the high net-worth divorce case.

Would you like to know more? Call (904) 770-3141 today.

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The Benefits of Hiring Owenby Law, P.A.

Owenby Law, P.A. is here to help you get the results you need with a team you can trust.

  • Free Initial Consultations
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