Dividing Multiple Properties During a High Net-Worth Divorce in Florida

Addressing Complex Property Division in Orlando

Orlando is known for its vibrant culture, thriving economy, and diverse real estate market. Many high net-worth couples here have acquired multiple properties, from primary residences to vacation homes and rental investments. While these assets are a source of pride, they can also complicate divorce proceedings. Determining how to divide such properties fairly under Florida law requires careful consideration and skilled legal representation.

I’m Beryl Thompson-McClary, an Orlando-based divorce attorney. I’ve dedicated my practice to helping high net-worth clients address the unique challenges of divorce, including the division of multiple properties. If you’re facing this situation, I’m here to help protect your interests and ensure an equitable outcome. Call me for an initial consultation at 1-888-640-2999, and let’s discuss your case in detail.


Understanding Property Division Under Florida Law

Florida is an equitable distribution state, which means the court aims to divide marital property fairly, but not necessarily equally. This distinction becomes crucial in high net-worth divorces where multiple properties are involved. To achieve a fair division, Florida law requires a clear distinction between marital and non-marital assets.

Marital vs. Non-Marital Property

Under Florida Statutes §61.075, marital property includes assets acquired during the marriage, regardless of whose name is on the title. Non-marital property, on the other hand, consists of assets acquired before the marriage, through inheritance, or as gifts. However, if non-marital assets are commingled with marital funds, they may be deemed marital property.

For example:

  • A rental property purchased during the marriage is typically considered marital property.
  • A vacation home inherited by one spouse may remain non-marital, unless marital funds were used for maintenance or renovations.

During our consultation, I’ll help you categorize your properties and ensure accurate valuations.


Steps to Divide Multiple Properties

When dividing properties in a high net-worth divorce, we follow a systematic process to ensure fairness and compliance with Florida law. Here are the key steps:

Step 1: Property Identification

The first step is identifying all properties owned by the couple. This includes:

  • Primary residences
  • Vacation homes
  • Rental properties
  • Commercial real estate
  • Undeveloped land

It’s important to disclose all assets to avoid potential legal consequences.

Step 2: Property Valuation

Next, we determine the fair market value of each property. Appraisals, tax assessments, and market analyses are commonly used tools. Florida courts require accurate valuations to ensure equitable distribution.

Step 3: Determine Ownership and Classification

As discussed, properties must be classified as marital or non-marital. This classification impacts how they are divided. For marital properties, we’ll consider factors such as purchase dates, funding sources, and improvements made during the marriage.

Step 4: Distribution Options

Once properties are classified and valued, we explore distribution options. Common solutions include:

  • Selling the Properties: Proceeds are divided between the spouses.
  • One Spouse Keeps the Property: The spouse retaining the property compensates the other for their share.
  • Co-Ownership: Rare in divorces but possible if the couple agrees to retain the property jointly for business or investment purposes.

I’ll help you evaluate these options based on your goals and financial circumstances.


Factors Courts Consider in Property Division

Florida courts consider various factors when dividing marital assets under §61.075 of the Florida Statutes. These include:

  • The length of the marriage
  • Each spouse’s financial contributions to the marriage
  • The contribution of one spouse as a homemaker or caregiver
  • The economic circumstances of each spouse
  • The desirability of retaining the marital home for minor children
  • Intentional waste or dissipation of marital assets

These factors ensure a division tailored to the unique circumstances of each couple. My role is to present your case in a way that highlights your contributions and protects your financial interests.


Challenges in Dividing High-Value Properties

Hidden Assets

In some cases, one spouse may attempt to hide property or undervalue assets to gain an advantage. Forensic accountants and real estate experts can uncover such discrepancies.

Tax Implications

Selling properties can trigger significant tax liabilities, including capital gains taxes. Proper planning is essential to minimize these costs.

Emotional Attachments

Properties often hold sentimental value, particularly family homes or vacation properties. Balancing emotional considerations with financial realities is a key part of the process.

I’ll help you address these challenges while keeping your long-term financial stability in mind.


Why Choose Beryl Thompson-McClary?

Choosing the right attorney is crucial when dealing with the complexities of a high net-worth divorce. I bring a wealth of experience in property division cases and a deep understanding of Florida’s equitable distribution laws. Here’s why clients trust me:

  • Comprehensive Legal Knowledge: I’ll ensure your case complies with all relevant statutes and legal precedents.
  • Client-Centered Approach: Your priorities and goals will guide every step of the process.
  • Strong Advocacy: I’ll fight to protect your rights and achieve a fair outcome.

Let’s work together to secure your future. Call me today at 1-888-640-2999 for an initial consultation.


FAQs About Dividing Multiple Properties in Florida Divorces

How does Florida define marital property when multiple properties are involved?

Marital property includes assets acquired during the marriage, regardless of whose name is on the title. However, classification depends on various factors, such as whether marital funds were used for maintenance or improvements. I’ll help you classify each property accurately to ensure fairness.

What happens if one spouse hides property during a divorce?

Florida law requires full disclosure of all assets during divorce proceedings. If a spouse is found to have hidden property, the court can impose penalties, including awarding the concealed asset to the other spouse. I’ll work with financial experts to uncover any hidden assets.

Can I keep the family home after a divorce?

Retaining the family home is possible, especially if minor children are involved. However, you may need to compensate your spouse for their share of the property’s value. I’ll help you explore options to achieve this outcome.

What are the tax consequences of dividing properties in a divorce?

Dividing or selling properties can have significant tax implications, including capital gains taxes. I’ll work with tax professionals to minimize liabilities and ensure you’re prepared for any financial consequences.

Can we co-own properties after the divorce?

Co-ownership is an option if both parties agree, particularly for rental or investment properties. However, this arrangement requires clear agreements to avoid future disputes. I’ll help you draft agreements that protect your interests.

Do I need an appraisal for every property in a divorce?

Accurate appraisals are essential for equitable distribution. Each property’s value must be determined using reliable methods, such as professional appraisals or market analyses. I’ll guide you through this process to ensure fair outcomes.

What happens to properties located outside Florida?

Out-of-state or international properties are still subject to division in a Florida divorce. These assets may require additional legal considerations, such as foreign property laws. I’ll ensure all properties are addressed appropriately.

Can we settle property division outside of court?

Yes, many high net-worth couples prefer to settle property division through negotiation or mediation. This approach can save time and money while keeping matters private. I’ll advocate for your interests in any settlement discussions.


Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For an Initial Consultation

Dividing multiple properties during a high net-worth divorce requires strategic planning and skilled legal representation. Let me, Beryl Thompson-McClary, guide you through this process and protect your interests. Call me today at 1-888-640-2999 to schedule an initial consultation and take the first step toward securing your future.

Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For an Initial Consultation

If you’re facing a divorce that involves a professional practice, don’t leave your future to chance. Contact me, Beryl Thompson-McClary, to discuss your case. Together, we’ll develop a strategy to protect your rights and achieve a fair outcome. Call me for an initial consultation at 1-888-640-2999 to discuss your situation. Together, we’ll determine the best course of action for your family.

Beryl Thompson-McClary
Address: 390 N Orange Ave #2300, Orlando, FL 32801, United States
Hours: Open
Phone: 1-888-640-2999
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