Orlando High Asset Divorce Attorneys

Speak with a High Net Worth Divorce Lawyer Today – 800-822-5170

If you are a high net-worth individual and are considering divorce in Orlando, then know that your high-asset divorce will not be streamlined or simple. Because of the financial complexity and weighty implications, working out the legal side of high net-worth divorce tends to take a lot more time, skill, and experience than other divorces.

One of the best things you can do for yourself when splitting up with your partner is to get a knowledgeable lawyer in the mix. Our Orlando high-net-worth divorce lawyers are prepared to work long hours and help you obtain a divorce settlement you are happy with.

Call 800-822-5170 to schedule your consultation with us today. You can also contact us online.

What is a High Asset Divorce?

A high net-worth divorce involves the dissolution of a marriage where there are substantial financial holdings and valuable assets at stake. These divorces typically involve complex legal proceedings due to the significant wealth and varied types of assets that need to be divided between the parties involved.

Common types of assets in a high-asset divorce may include:

• Real Estate: This includes primary residences, vacation homes, investment properties, and commercial real estate.
• Business Interests: Ownership stakes in businesses, partnerships, or professional practices are often complex to value and divide.
• Investments: Stocks, bonds, mutual funds, retirement accounts, and other investment portfolios are common.
• Bank Accounts: Checking and savings accounts, certificates of deposit (CDs), and offshore accounts may be part of the marital assets.
• Valuables and Collections: Artwork, antiques, jewelry, cars, boats, and valuable collectibles are often included.
• Intellectual Property: Patents, copyrights, royalties from creative works, and trademarks may also be considered marital assets.
• Retirement Funds: 401(k) plans, pensions, IRAs, and other retirement savings are subject to division in many cases.
• Debts and Liabilities: Debts accrued during the marriage, such as mortgages, loans, and credit card debts, are also part of the asset division process.

The complexity of high net-worth divorces often requires the involvement of financial experts, forensic accountants, and skilled attorneys to properly assess, value, and distribute these assets fairly between the spouses.

Divorce for Business Owners & Entrepreneurs

One common form of high net-worth divorce in Orlando is that of divorcing entrepreneurs and/or couples who co-own family businesses.

Because divorced couples hardly ever wish to continue co-owning and operating a business together, divorce typically means the business must either be split as evenly as possible, allocated to one person, or dissolved and shut down. In any case, this takes a great deal of financial finagling and negotiation between both parties.

Whether you opt to split up your business, take it over, give your spouse sole ownership, or shut it down entirely, these have far-reaching consequences in terms of taxes, shared assets, employees, and more. You can’t hire just any lawyer to help you work through the business-related ramifications of your high net-worth divorce — it is crucial to get legal help from an experienced Orlando high-asset divorce lawyer that you can trust.

High Net Worth Prenups & Postnuptial Agreements

Many high-net-worth couples have instituted a written understanding regarding assets and finances at some point, either in the form of a prenuptial or postnuptial agreement. However, to the chagrin of at least one person, many couples find out during their divorce that their agreement is not enforceable. It can greatly complicate your divorce if a pre- or postnuptial agreement is not properly notarized, found to have been signed under coercion, or deemed legally indefensible for any reason.

It is always a good idea to be prepared and avoid surprises when diving into a challenging legal and financial process like high asset divorce. Contact an experienced Orlando high-asset divorce lawyer and ask about having your agreement reviewed to ensure validity and enforceability. Even if your agreement is unlikely to hold up in court, you and your lawyer can anticipate the resulting challenges and work together to formulate a plan.

Negotiating High Asset Child & Spousal Support Arrangements

Florida calculates child support based on both parents' income, and the guidelines apply to incomes up to a certain threshold. However, in high asset situations where income exceeds these guidelines, the court may consider additional factors like the child's accustomed standard of living, educational needs, healthcare, and extracurricular activities.

If you or your spouse is significantly more affluent than the other (or would be on their own), then a child support arrangement may be necessary.

Florida courts consider various factors when awarding alimony, such as the standard of living during the marriage, the length of the marriage, each spouse's financial resources, contribution to the marriage, and the earning capacities of each party.

The court aims to provide a standard of living post-divorce that is reasonably close to the lifestyle enjoyed during the marriage, especially in high-asset cases where maintaining that lifestyle might require substantial support.

Whether you anticipate having to pay spousal support or feel your spouse should be required to financially support you after your divorce, you will need the help of a skillful, firm negotiator to help you ensure your spouse doesn’t take advantage of you by paying less than you deserve or demanding more than is fair.

Hiding Assets in a High Net Worth Divorce

In high net-worth divorces, hiding assets can unfortunately be a common practice when one spouse seeks to minimize the assets subject to division. This unethical behavior can complicate the divorce proceedings and make it challenging for the other spouse to receive a fair settlement.

The following are several ways assets can be hidden:

• Underreporting Income: High-earning individuals might underreport their income or bonuses to make it seem like they have fewer assets available for division.
• Transferring Assets: Assets might be transferred to family members, friends, or business associates with the intention of transferring them back after the divorce is finalized.
• Overpaying Debts: A spouse might pay off fictitious debts or make excessive payments to creditors to conceal money that could be subject to division.
• Complex Asset Structures: High net-worth individuals might have complex corporate structures, offshore accounts, or investments that make it easier to obscure the true value of assets.
• Undervaluing Assets: Purposefully undervaluing assets like real estate, art, or business interests can reduce their apparent worth during the divorce process.
• Creating Fake Expenses or Losses: Some individuals might create fake business expenses or investment losses to reduce the apparent value of their assets.

To counteract these tactics and ensure a fair division of assets, you must employ professionals skilled in forensic accounting or financial investigation. These experts can delve into financial records, conduct thorough investigations, and identify discrepancies that indicate hidden assets or income. Courts may also order both parties to provide complete financial disclosures under penalty of perjury to prevent asset concealment.

Classic Mistakes in High Asset Divorce

Many divorcing couples are angry with one another and are eager to split up as soon as possible. However, accepting your spouse’s terms just for the sake of quickly wrapping up your divorce can result in major losses for you, in the short and long run. Don’t walk out the door without ensuring you receive your fair portion of retirement savings, shared assets, and the like. Financial security after a high net-worth divorce nearly always requires patience and negotiation during the proceedings.

Also, avoid hiring an attorney who pitches themselves as the “most aggressive” or the “toughest.” Being aggressive and tough on behalf of clients is crucial to success, but winsome negotiation is also important and can save you a lot of time and money. By bringing on an experienced Orlando high-asset divorce attorney with experience in mediation and negotiation. When you work with our legal team at The Virga Law Firm, P.A., you can ensure we will work toward a fair arrangement and positive result without picking a fight at your expense.

Contact us now to schedule your complimentary consultation!