High Net Worth Divorces

A divorce is defined as high net worth if the couple has more than $1 million of assets. These divorces can be more complex because there are more assets to divide and assets that are not always easily dividable. Following are some considerations to keep in mind if you are considering or are involved in a high net worth divorce:

• The Florida courts will divide all marital property equitably between both partners. Marital property is property that the couple acquired during the marriage. This sounds clear-cut, but in reality, is far from it. For example, if one partner received an inheritance or gift during the marriage, that is not considered marital property. However, if that inheritance or gift is co-mingled with marital property, then it becomes marital property and subject to equitable division. Similarly, if one spouse owned property before they were married, that is not marital property. But if they transferred the property to be jointly owned by both partners, that is now marital property as well, even though the spouse owned it prior to the marriage.

• Many high net worth divorces require the assistance of a forensic accountant. If your divorce involves dividing a jointly-owned business, the forensic accountant will analyze the finances of the company and determine its value, an essential step before determining how to divide it. A forensic accountant may also be needed if one spouse believes the other is hiding assets, such as offshore accounts. Your attorney will recommend a forensic accountant that will assist with finding this crucial information.

• It is not uncommon for assets or important legal or financial documents to “disappear” during a divorce. Photograph and take an inventory of all your high value assets, such as artwork, jewelry, cars, boats, designer clothing and purses, etc. This will provide evidence of their existence. Also save copies of all important financial and legal documents in a safe place, such as a bank safe deposit box.

• Many high net worth couples benefit from negotiation and mediation rather than appearing in court. This is especially true if you and/or your spouse are prominent in the community and the media may be interested in learning the details of your divorce. All court proceedings become public record, while negotiation and mediation are handled privately. The latter are also more cost-efficient and can lead to more amicable solutions when children are involved.

If you are contemplating a divorce and have assets over $1 million, contact Troy Legal right away. We will advise you on the steps to take before your divorce as well as fight for your rights during the divorce to provide you with the most favorable outcome possible.

Troy Legal, P.A. was founded in 2009 and serves clients throughout South Florida. Troy Legal, P.A., specializes in Marital and Family Law, providing reputable legal services for prenuptial and co-habitation agreements, paternity cases, adoption matters, alimony and child support, time sharing and parenting plans, drafting of qualified domestic relations orders (qdros), mediation services, equitable distributions, collaborative law, post-judgement modification and enforcement, domestic violence cases, and dissolution of marriage or divorce.  Troy Legal, P.A. is dedicated to serving clients through compassionate and aggressive representation, while upholding the highest degree of ethical standards.