Contested High-Net Worth Divorces and Florida Law

Couples with high-net worth have to navigate hurdles that other couples don’t necessarily have to deal with in their divorce. It’s true that high-net worth divorce tend to be more expensive. This is largely because they are much more complicated. High-net worth couples have more assets to divide, properties that need to be appraised, and other financial matters to sort out. When the couple can’t agree on the terms of their divorce, the matter will have to go before a judge who hears arguments from both sides concerning key issues. So, spouses in high-net worth divorces need experienced litigators to present their case and ensure the best possible outcome. In this article, the Tampa, FL high-net worth divorce lawyers at Westchase Law, P.A. will discuss contested divorces for high-net worth couples and the unique challenges they can face.

Equitable distribution and Florida law 

In Florida, we divide the marital estate based on a process known as equitable distribution. In some states, the marital estate is divided in half no matter what. These are known as community property states. The judge has far less discretion in these states than they do in Florida.

Florida works differently. Instead of dividing marital assets in half, judges will divide the marital estate based on what is equitable to both parties. If one party would be left impoverished by a 50/50 split, the judge has the discretion to award more of the marital estate to that party. For example, if one spouse earns considerably less than the other, doesn’t have significant career prospects, or was responsible for keeping the home and raising the children, that spouse might be awarded more of the marital estate than the other.

The other important factor to be aware of is the marital estate itself. It is composed of all property and assets that were acquired during the marriage save for certain exceptions such as inheritances or personal injury judgments.

The groundwork in high-net worth divorces 

Another important aspect of a high-net worth divorce is doing the groundwork to ensure that property and assets are evaluated properly. For this, your attorney will hire expert witnesses and forensic accountants who can evaluate complex properties such as businesses and real estate. It’s in both spouses best interests to take as much of the guesswork out of the equation as possible. This often requires litigants to hire qualified valuation experts who can give the spouses a specific figure on the value of a business. In many contested divorces, each side will hire their own expert. The testimony of this expert will determine how the business is split during the divorce.

Talk to a Tampa, FL High Net Worth Divorce Attorney Today 

Westchase Law, P.A. represents the interests of Tampa residents who are pursuing a divorce. Call our Tampa family lawyers today to schedule an appointment, and we can begin laying the groundwork for your case right away.