Protecting Your Financial Future During Divorce in Orlando
Orlando is home to a thriving community of successful professionals, business owners, and entrepreneurs who work hard to build their wealth. With its vibrant economy and diverse industries, the city attracts individuals who understand the value of their financial future. Unfortunately, during a high-net-worth divorce, disputes over assets can become contentious, especially when one spouse attempts to hide or undervalue certain property. That’s where I, Attorney Beryl Thompson-McClary, can help.
With extensive experience handling high-net-worth divorces in Orlando and throughout Orange County, I focus on protecting my clients’ financial interests. If you’re concerned about hidden assets in your divorce, I encourage you to call me at 1-888-640-2999 for an initial consultation. Together, we can address these challenges and work toward a fair resolution.
What Are Hidden Assets in a Florida Divorce?
Hidden assets are property, income, or financial accounts that one spouse intentionally conceals from the other to avoid including them in the marital estate. Under Florida law, both parties in a divorce are required to fully disclose all assets and liabilities. However, high-net-worth divorces often involve complex financial situations, making it easier for hidden assets to go unnoticed without the right legal representation.
Examples of hidden assets may include:
- Undisclosed bank accounts or investment portfolios.
- Property titled in another person’s name.
- Offshore accounts or international investments.
- Undervalued business interests.
- Luxury items like art, jewelry, or vehicles that haven’t been appraised.
- Deferred bonuses or stock options.
If these assets are not identified and accounted for, the division of property may be unfair, leaving one spouse at a significant financial disadvantage.
Florida Statutes on Asset Disclosure
Under Florida Statutes §61.075, equitable distribution is the legal standard for dividing marital property. Equitable does not always mean equal but rather what is fair based on the circumstances. The court requires full financial disclosure to achieve an equitable distribution, including the filing of a Financial Affidavit.
The law imposes an obligation of transparency on both spouses. Florida Statutes §61.08 also address financial matters like alimony, which may be affected by the full disclosure of income and assets. Intentionally hiding assets violates this duty and can result in severe penalties, including fines, loss of credibility in court, or an uneven property division favoring the honest spouse.
How We Identify Hidden Assets in High Net-Worth Divorces
Uncovering hidden assets requires a detailed investigation, which is why having an experienced attorney is critical. I work closely with forensic accountants, financial analysts, and appraisers to ensure that no detail is overlooked. Our strategies often include:
- Tracing Financial Transactions: Analyzing bank statements, tax returns, and credit card records to identify discrepancies.
- Business Valuations: Examining business records to uncover unreported income or assets hidden within corporate entities.
- Investigating Offshore Accounts: Reviewing international financial records for signs of hidden funds.
- Digital Forensics: Identifying digital footprints that point to undisclosed accounts or cryptocurrency holdings.
By combining these techniques, we can build a strong case to ensure all marital assets are disclosed and fairly divided.
Ramifications of Hiding Assets in a Florida Divorce
Failing to disclose assets during a Florida divorce can have serious consequences. Courts view dishonesty in financial matters as a direct violation of Florida law, and penalties may include:
- Imbalanced Property Division: The court may award the honest spouse a larger share of the assets.
- Sanctions: The offending spouse may face financial penalties for contempt of court.
- Loss of Credibility: If hidden assets are revealed, the dishonest spouse’s credibility in other aspects of the case, such as custody or alimony, may be damaged.
- Criminal Charges: In extreme cases, hiding assets may result in fraud charges.
Protecting yourself from these pitfalls is crucial, which is why it’s important to work with an attorney who understands how to handle these high-stakes cases.
Why Choose Attorney Beryl Thompson-McClary?
Handling high-net-worth divorces requires a level of diligence and commitment that goes beyond the ordinary. I understand the unique financial complexities that professionals, business owners, and other high-income individuals face during divorce proceedings. Here’s how I stand out:
- Comprehensive Financial Expertise: My team works with financial professionals to uncover all assets and ensure accurate valuations.
- Client-Focused Representation: I provide personalized legal strategies tailored to your specific circumstances and priorities.
- Experience in Orange County Courts: My familiarity with local judges and court procedures gives my clients an advantage.
- Confidential and Discreet Service: I respect the sensitive nature of these cases and prioritize your privacy.
Call me today at 1-888-640-2999 to schedule an initial consultation. I handle cases throughout Orange County and am here to help you protect your financial future.
Frequently Asked Questions About Hidden Assets in Florida High Net-Worth Divorces
What are the warning signs that my spouse may be hiding assets?
Signs of hidden assets can include sudden financial changes, discrepancies in financial documents, or a spouse opening new accounts without explanation. Unusual purchases or gifts, unexplained withdrawals, or reluctance to share financial information may also indicate dishonesty.
Can hidden assets be uncovered after the divorce is finalized?
Yes. Under Florida law, if you discover that your ex-spouse hid assets during your divorce, you may be able to file a motion to reopen the case. Courts take intentional deception seriously and may revise the original settlement to ensure fairness.
How do offshore accounts impact a Florida divorce?
Offshore accounts can complicate divorce proceedings because they are harder to trace and often require international cooperation to access. However, with the help of forensic accountants and legal expertise, these accounts can be uncovered and included in the marital estate.
What role does a forensic accountant play in uncovering hidden assets?
Forensic accountants specialize in tracing financial transactions and identifying irregularities. They analyze tax returns, bank statements, and other records to find discrepancies that indicate hidden assets. Their expertise is invaluable in high-net-worth divorce cases.
Can my spouse be punished for hiding assets?
Yes. Hiding assets is considered a violation of Florida law. Courts may impose sanctions, adjust the property division to favor the honest spouse, or even hold the dishonest spouse in contempt of court. In severe cases, criminal charges may apply.
What is the timeline for uncovering hidden assets during a divorce?
Uncovering hidden assets can take time, especially in complex cases. The discovery process, which involves gathering and analyzing financial documents, is crucial to identifying discrepancies. Your attorney will guide you through this process to ensure thorough and accurate findings.
How do I ensure full disclosure of assets during my divorce?
Your attorney will use discovery tools like subpoenas, depositions, and requests for production to compel your spouse to disclose all financial information. Working with a skilled legal team ensures that no stone is left unturned.
Are business assets treated differently in Florida divorces?
Business assets are treated as part of the marital estate if they were acquired or grew in value during the marriage. However, valuing and dividing business interests requires specialized expertise to ensure accuracy and fairness.
What happens if my spouse undervalues assets in our divorce?
If assets are undervalued, the court may require a new appraisal or valuation. Your attorney can challenge the accuracy of appraisals and present evidence to ensure a fair division.
Why is choosing the right attorney so important in high-net-worth divorces?
High-net-worth divorces involve unique challenges, including complex financial structures, business valuations, and potential hidden assets. The right attorney will have the knowledge and resources to address these issues effectively, ensuring your financial future is protected.
Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For Your an Initial Consultation
Let me help you uncover the truth and protect what matters most. If you’re facing a high-net-worth divorce in Orlando, call today to discuss your case and explore your options.
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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