Providing Guidance for Orlando’s High Net-Worth Families
Orlando, Florida, isn’t just a hub for tourism and entertainment; it’s also home to many successful professionals, business owners, and families who enjoy a lifestyle that includes luxury assets such as yachts, high-end vehicles, and fine jewelry. However, when divorce becomes a reality, dividing these high-value possessions can present unique challenges. With my years of experience handling high-asset divorce cases in Orange County, I understand the importance of protecting what matters most to you.
I’m Beryl Thompson-McClary, an Orlando high net-worth divorce attorney committed to providing personalized legal support for clients facing complex property division issues. If you’re concerned about how your luxury assets will be divided, I’m here to guide you through the process. Call me at 1-888-640-2999 for an initial consultation. Together, we’ll create a plan tailored to your unique circumstances.
Understanding Florida’s Approach to Property Division
In Florida, marital property is divided according to the principle of equitable distribution, which means assets are divided fairly but not necessarily equally. The court distinguishes between marital and non-marital property, with marital property being subject to division. This distinction is critical when dealing with high-value assets like yachts, exotic cars, and fine jewelry.
Florida Statute 61.075 governs equitable distribution, outlining the factors courts consider when dividing property, including:
- Each spouse’s contribution to the marriage, including contributions as a homemaker.
- The economic circumstances of each spouse.
- The duration of the marriage.
- Any interruptions in personal careers or education for the sake of the marriage.
- The desirability of retaining an asset, such as a family home, for the benefit of dependent children.
Yachts: A Unique Asset in High-Value Divorces
Yachts are often more than just an asset; they represent a lifestyle and significant financial investment. Florida’s coastal lifestyle makes yacht ownership common among high-net-worth individuals in Orlando. However, these vessels are also among the most challenging assets to divide due to their high value and ongoing maintenance costs.
Key Considerations for Yacht Division:
- Valuation: A professional appraisal is crucial to determine the yacht’s current market value. This includes factoring in depreciation, maintenance costs, and any associated debts.
- Ownership Structure: Many yachts are owned through LLCs or trusts, adding a layer of complexity to the division process.
- Selling vs. Retaining: In some cases, it may be necessary to sell the yacht and divide the proceeds. Alternatively, one spouse may choose to retain the yacht by compensating the other for their share.
As your Orlando high net-worth divorce attorney, I’ll ensure every detail is accounted for when addressing luxury assets like yachts in your divorce.
Cars: Exotic and High-End Vehicles
Exotic cars and luxury vehicles often hold significant financial and sentimental value. In Florida, these assets are treated like any other marital property but require special attention due to their unique nature.
Factors Affecting Vehicle Division:
- Determining Ownership: If a vehicle was purchased during the marriage, it is likely considered marital property, even if titled in one spouse’s name.
- Valuation: Like yachts, luxury vehicles must be professionally appraised to determine their fair market value. This includes evaluating depreciation and any outstanding loans.
- Practical Use: Courts may consider which spouse has a greater need for the vehicle, particularly if one has primary custody of children and requires reliable transportation.
Whether your divorce involves a collection of exotic cars or a single high-end vehicle, I’ll work to protect your interests while ensuring the division process is fair.
Jewelry: Sentimental and Financial Value
Fine jewelry can be a contentious issue in divorce due to its dual nature as both a financial asset and a sentimental item. Florida law treats jewelry acquired during the marriage as marital property unless it was received as a gift or inheritance by one spouse.
Steps in Dividing Jewelry:
- Inventory: Creating a comprehensive inventory of all valuable pieces is the first step. This includes documenting ownership and acquisition details.
- Valuation: Hiring a qualified appraiser ensures the jewelry’s value is accurately assessed, accounting for market fluctuations and gem quality.
- Dividing Fairly: Spouses may choose to divide jewelry by mutual agreement or sell certain pieces and split the proceeds.
The Role of Pre- and Postnuptial Agreements
For many high-net-worth couples, pre- and postnuptial agreements play a crucial role in determining how luxury assets will be handled in the event of divorce. These agreements can outline the division of specific assets, saving time and reducing conflict. If you have an existing agreement, I’ll review it to ensure its terms are enforced and in compliance with Florida law.
How Attorney Beryl Thompson-McClary Can Help
Dividing luxury assets during a divorce requires a thorough understanding of Florida law, meticulous attention to detail, and strategic planning. When you work with me, you can expect:
- Personalized Representation: I’ll take the time to understand your goals and tailor my approach to meet your needs.
- Thorough Asset Analysis: From valuation to ownership documentation, I’ll ensure every asset is accurately assessed and accounted for.
- Strategic Advocacy: Whether through negotiation or litigation, I’ll work tirelessly to achieve a favorable outcome.
Call me today at 1-888-640-2999 to schedule an initial consultation. Let’s discuss how we can protect your interests and ensure a fair resolution.
FAQs About Dividing Luxury Assets in Florida Divorces
How does Florida law define marital property when it comes to luxury assets?
Florida law considers any asset acquired during the marriage as marital property, regardless of whose name is on the title. For example, if a yacht or luxury car was purchased during the marriage, it’s likely subject to division. However, assets acquired before the marriage or through inheritance may be considered non-marital property. I’ll help clarify the classification of your assets.
What if my spouse tries to hide luxury assets during the divorce?
Hiding assets is illegal and can result in severe consequences. If you suspect your spouse is concealing property, I’ll work with forensic accountants and other experts to uncover hidden assets. Florida courts take asset concealment seriously and may award a larger share of marital property to the innocent spouse.
Can I keep my jewelry if it was a gift?
In Florida, jewelry given as a gift from one spouse to the other is typically considered non-marital property and remains with the recipient. However, proving that an item was a gift may require documentation such as receipts or statements from the giver. I’ll ensure your rights to gifted jewelry are protected.
What happens if we can’t agree on how to divide luxury assets?
When spouses cannot agree, the court will decide how to divide the assets based on Florida’s equitable distribution laws. This process involves evaluating the value and ownership of each asset, as well as the overall financial circumstances of both parties. I’ll advocate for your interests throughout the process.
How are high-value vehicles appraised during a divorce?
Appraising luxury vehicles requires expertise in high-end markets. Professional appraisers consider factors like make, model, mileage, condition, and current market demand. This ensures an accurate valuation, which is essential for a fair division of assets.
Do we have to sell our yacht during the divorce?
Selling a yacht isn’t always necessary. If one spouse wishes to retain ownership, they can buy out the other spouse’s share. Alternatively, the yacht can be sold, and the proceeds divided. I’ll help you determine the best approach based on your circumstances.
Can luxury assets be divided through mediation instead of litigation?
Yes, mediation is a viable option for dividing assets, particularly for high-net-worth couples who want to avoid the time and expense of court. Through mediation, you and your spouse can reach a mutually agreeable resolution with the help of legal counsel. I’ll guide you through this process to protect your interests.
What role do taxes play in dividing luxury assets?
Taxes can significantly impact the division of high-value assets. For instance, selling a yacht or luxury vehicle may result in capital gains taxes. Understanding these implications is crucial for making informed decisions. I’ll work with tax professionals to minimize the financial impact on you.
Contact Orlando Attorney Beryl Thompson-McClary at 1-888-640-2999 For Your an Initial Consultation
If you’re facing a divorce involving high-value assets like yachts, luxury vehicles, or fine jewelry, I’m here to provide the legal support you need. Call me today to schedule an initial consultation, and let’s create a plan to protect your financial future.
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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