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Valuing Real Estate Portfolios in a High-Asset Divorce in Florida

Valuing Real Estate Portfolios in a High-Asset Divorce in Florida

Understanding Property Division in Orlando High Net-Worth Divorce Cases

Orlando is home to many high-net-worth individuals who have built substantial wealth, including real estate portfolios that often span multiple properties. For those going through a divorce in Florida, one of the most pressing concerns is how to accurately value and divide these assets. Whether you are a property owner seeking to protect your investments or a spouse ensuring a fair distribution, working with an experienced high net-worth divorce Attorney in Orlando is essential.

I am Beryl Thompson-McClary, and I have helped high-net-worth individuals resolve complex divorce cases, including those involving real estate holdings. My firm handles divorce cases throughout Orange County, Florida, ensuring that clients receive strategic representation in property division matters. If your divorce involves real estate assets, I encourage you to call 1-888-640-2999 to schedule a consultation.

How Florida Law Addresses Real Estate in Divorce

Florida follows equitable distribution under Florida Statutes §61.075, meaning marital assets are divided fairly but not necessarily equally. Real estate portfolios often complicate this process due to varying property values, ownership structures, and income-generating potential.

The court considers factors such as:

  • Whether the property is marital or non-marital
  • Contributions of each spouse toward acquiring and maintaining properties
  • The role of real estate in generating income or serving as a primary residence
  • The tax consequences of transferring or selling properties

Because real estate investments often represent a significant portion of a couple’s wealth, determining fair distribution requires a thorough legal and financial analysis.

Marital vs. Non-Marital Property in Florida Divorces

Determining whether real estate is marital or non-marital is the first step in assessing how it will be divided.

  • Marital Property: Real estate purchased during the marriage, regardless of whose name is on the title, is generally considered marital property and subject to equitable distribution.
  • Non-Marital Property: Properties acquired before marriage or inherited individually may remain separate unless commingled with marital funds or used for joint purposes.

In some cases, one spouse may argue that their real estate holdings should remain separate, while the other may seek a share due to contributions toward maintenance or appreciation in value. My role as an Orlando high net-worth divorce Attorney is to present the strongest case for my client, whether protecting assets or ensuring a fair valuation.

Key Considerations When Valuing a Real Estate Portfolio

For high-net-worth divorces involving multiple properties, valuation is critical. The following factors influence how real estate is valued during divorce proceedings:

1. Fair Market Value

Professional appraisers assess a property’s market value based on location, condition, and recent sales of comparable properties. Both spouses may need independent valuations if there is disagreement.

2. Income-Producing Properties

If the portfolio includes rental properties, commercial buildings, or vacation rentals, the court will evaluate the income they generate. This requires reviewing rental agreements, financial records, and market projections.

3. Property Appreciation and Improvements

If a property significantly increased in value due to marital contributions (renovations, improvements, or joint financial investment), the appreciation may be considered marital property even if the original asset was non-marital.

4. Tax Implications

Selling or transferring real estate can trigger capital gains taxes, property reassessments, or other financial consequences. Proper structuring of property division agreements can help minimize tax burdens.

5. Debt and Liabilities

Mortgages, liens, and outstanding property debts factor into equitable distribution. If one spouse takes ownership of a property, they may also be responsible for its liabilities.

Division Strategies for Real Estate Portfolios

There are multiple ways to approach property division in a high-asset divorce:

One Spouse Retains Ownership

The spouse keeping the property may compensate the other through a buyout or the exchange of other assets, such as investments or retirement accounts.

Selling and Dividing Proceeds

In cases where neither spouse wants to retain a property or tax concerns make a buyout impractical, selling real estate and dividing the proceeds is an option.

Co-Ownership After Divorce

In rare cases, spouses continue joint ownership post-divorce, particularly with income-producing properties or family homes for minor children. This arrangement requires careful legal structuring.

Common Legal Disputes Over Real Estate in Divorce

Real estate division often leads to legal disputes, such as:

  • One spouse undervaluing property to reduce settlement obligations
  • Disagreements over selling vs. retaining property
  • Commingled assets where separate property became marital over time
  • Hidden real estate holdings or improper asset transfers

Addressing these issues requires experienced legal representation. I work with financial experts, appraisers, and forensic accountants to ensure an accurate valuation and fair division of assets.

FAQs About Real Estate in Florida High-Asset Divorces

How is real estate divided in a high-net-worth divorce in Florida?
Real estate division follows Florida’s equitable distribution laws, meaning properties are divided fairly based on contributions, income, and other factors. Spouses may negotiate settlements, or the court may determine how assets are split.

Can I keep my real estate portfolio after a divorce?
Yes, but this typically requires a buyout or negotiating asset exchanges. Courts may also award properties to one spouse based on financial needs, business interests, or child custody arrangements.

What happens if my spouse tries to undervalue our properties?
If you suspect undervaluation, a professional appraiser or forensic accountant can provide a more accurate assessment. Courts consider independent valuations when determining property division.

What if my spouse and I co-own rental properties?
You may continue co-ownership after divorce or sell and divide proceeds. Some agreements allow one spouse to manage rentals while the other receives income. A legal agreement must outline responsibilities.

Are there tax consequences when dividing real estate in a Florida divorce?
Yes, property transfers and sales can result in capital gains taxes and other financial liabilities. Proper legal structuring minimizes tax burdens and ensures fair asset distribution.

How can I protect my real estate portfolio before a divorce?
Prenuptial and postnuptial agreements are effective tools. Keeping separate property clearly defined and avoiding commingling assets can also help protect your investments.

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

Dividing a real estate portfolio in a high-net-worth divorce requires skilled legal guidance. Whether you are protecting your assets or ensuring a fair share of marital property, I am here to help. Call 1-888-640-2999 to schedule a consultation and discuss your case.

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

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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How Are Assets Divided in a High Net-Worth Divorce in Florida?

How Are Assets Divided in a High Net-Worth Divorce in Florida?

Tailored Legal Solutions for Orlando’s High Net-Worth Families

Orlando is not just a vibrant city filled with world-class attractions; it’s also home to a dynamic community of business owners, professionals, and high-income earners. Divorce is never easy, but for high net-worth individuals, the stakes are even higher. When significant assets, businesses, and investments are involved, it’s crucial to work with an attorney who understands the complexities of high-value divorces.

I’m Beryl Thompson-McClary, an Orlando divorce attorney who handles high net-worth cases throughout Orange County, Florida. My goal is to protect your financial future and help you through this challenging time. If you’re facing a divorce, I’m here to help you navigate the legal process while safeguarding your assets. Call me at 1-888-640-2999 for an initial consultation to discuss your unique situation.

Understanding How Florida Handles Asset Division in Divorce

Florida is an equitable distribution state, meaning marital assets and liabilities are divided fairly—though not necessarily equally—in a divorce. For high net-worth individuals, this process can become complicated due to the variety of assets involved, including:

  • Real estate holdings
  • Business interests
  • Investments and stock portfolios
  • Retirement accounts and pensions
  • Intellectual property
  • Luxury assets like yachts, cars, and collectibles

The court considers several factors when determining how to divide marital property, as outlined in Florida Statute §61.075. These factors include the length of the marriage, each spouse’s contributions to the marital estate, the economic circumstances of both parties, and the desirability of retaining particular assets, such as a family home or business.

Defining Marital vs. Non-Marital Assets

One of the first steps in dividing assets is determining which are considered marital property and which are non-marital. Under Florida law, marital assets generally include:

  • Assets acquired during the marriage, regardless of whose name is on the title
  • Income earned during the marriage
  • Increases in value of non-marital assets due to marital contributions or efforts

Non-marital assets, on the other hand, include:

  • Property owned before the marriage
  • Gifts or inheritances received by one spouse individually
  • Assets excluded by a valid prenuptial or postnuptial agreement

Disputes often arise over whether certain assets are marital or non-marital, especially when they’ve been commingled. For example, if one spouse used personal funds to improve a marital property, the increased value may be considered marital. I’ll help you navigate these distinctions and advocate for your interests.

Valuing Complex Assets

In high net-worth divorces, accurately valuing assets is critical. This often requires the assistance of financial professionals such as forensic accountants, business valuation experts, and appraisers. Assets like businesses, investments, and intellectual property require thorough evaluation to ensure a fair distribution. For example:

  • Business Valuation: Whether you’re a small business owner or have a stake in a professional practice, determining the value of your business is essential. This includes assessing tangible and intangible assets, such as goodwill.
  • Stock Portfolios: Fluctuating market conditions can impact the value of investments, making proper valuation essential for equitable distribution.
  • Luxury Items: High-value assets like yachts, art collections, or exotic cars often require specialized appraisals.

As your attorney, I’ll work with trusted professionals to ensure every asset is properly valued and accounted for.

Protecting Business Interests

For business owners, a divorce can significantly impact operations and ownership. Under Florida law, a business founded or grown during the marriage is typically considered marital property. However, factors such as prenuptial agreements or business structures can influence how the court treats these assets.

Options for protecting your business in a divorce include:

  • Buyouts: One spouse buys out the other’s interest to retain sole ownership.
  • Dividing Business Shares: Ownership is divided, though this is less common due to operational complications.
  • Selling the Business: The business is sold, and proceeds are divided.

I’ll help you explore the best strategy to protect your business and minimize disruption.

Addressing Debts and Liabilities

High net-worth divorces often involve significant liabilities, such as mortgages, business loans, and tax obligations. Florida courts divide debts equitably, just like assets. Disputes may arise over whether certain debts are marital or non-marital. For instance, a loan taken out by one spouse for personal purposes might not be considered marital debt.

The Role of Prenuptial and Postnuptial Agreements

For high-income earners, prenuptial and postnuptial agreements often play a crucial role in asset division. These agreements can outline how assets and debts will be divided in the event of a divorce, protecting specific assets or business interests.

Florida courts generally uphold these agreements as long as they were entered into voluntarily and with full financial disclosure. If your case involves such an agreement, I’ll carefully review it to ensure your rights are protected.

Tax Implications of Asset Division

Tax consequences are a critical consideration in high net-worth divorces. Some assets, like retirement accounts, may incur penalties or tax liabilities if not handled properly. Similarly, selling certain properties or investments can trigger capital gains taxes. I’ll help you evaluate the tax implications of various settlement options to protect your financial future.

Why Choose Attorney Beryl Thompson-McClary?

Handling high net-worth divorces requires a strategic approach and a thorough understanding of Florida’s family laws. I’ve spent years helping clients in Orlando and throughout Orange County protect their assets and secure favorable outcomes. My approach is client-focused, ensuring that your unique needs and goals are always prioritized.

If you’re ready to take the first step, call me at 1-888-640-2999 for an initial consultation. Together, we’ll create a strategy to safeguard your assets and provide you with peace of mind during this challenging time.

FAQs About High Net-Worth Divorce in Florida

What happens to a business in a high net-worth divorce?

Florida courts treat businesses as marital property if they were founded or grew during the marriage. Valuation is a key step in determining how the business will be divided. Options include selling the business, dividing shares, or a buyout arrangement. I’ll work with valuation experts to protect your interests and minimize disruption to your business.

Can I protect inherited assets in a Florida divorce?

Inherited assets are typically considered non-marital property. However, if they’ve been commingled with marital assets, they may lose their non-marital status. For example, using inherited funds to renovate a marital home could make them subject to division. I’ll help you address any commingling issues and safeguard your inheritance.

How does equitable distribution work in high net-worth divorces?

Equitable distribution means the court divides assets and debts fairly, not necessarily equally. Factors such as the length of the marriage, contributions to the marital estate, and economic circumstances are considered. For high net-worth cases, the complexity of assets often requires thorough evaluation and negotiation.

Can a prenuptial agreement be challenged during divorce?

Yes, a prenuptial agreement can be challenged if there’s evidence it was signed under duress, without full disclosure, or is otherwise unfair. If your case involves a contested prenuptial agreement, I’ll provide the legal support you need to protect your rights.

Are retirement accounts divided in high net-worth divorces?

Retirement accounts earned during the marriage are typically considered marital property and subject to division. The division often requires a Qualified Domestic Relations Order (QDRO) to transfer funds without penalties. I’ll ensure the division is handled properly to avoid unnecessary costs.

How do Florida courts handle hidden assets in divorce cases?

If one spouse is suspected of hiding assets, the court can require full financial disclosure and may appoint a forensic accountant to investigate. Florida law imposes severe penalties for failing to disclose assets. I’ll ensure your case includes a thorough review to identify and address any hidden assets.

What is the role of forensic accountants in high net-worth divorces?

Forensic accountants analyze financial records to identify hidden assets, assess the value of complex holdings, and ensure accurate reporting. They’re often essential in cases involving business ownership, investments, or disputed valuations. I’ll work closely with these professionals to protect your financial interests.

Can I keep the family home in a divorce?

Whether you can keep the family home depends on factors like your financial situation and whether other assets can offset its value. Courts may also consider the best interests of any children involved. I’ll help you evaluate your options and negotiate for a fair outcome.

How long does a high net-worth divorce take in Florida?

The timeline varies depending on the complexity of the case and whether disputes arise. High net-worth divorces often involve lengthy financial evaluations and negotiations, which can take several months to over a year. I’ll work diligently to resolve your case efficiently while protecting your interests.

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

Divorce can be challenging, but you don’t have to face it alone. Let me help you protect your assets and secure your future. Call today to schedule an initial consultation.

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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Deciding What to do with a Marital Home in a Florida Divorce Case

High net worth divorce attorney in Orlando, Florida

When undergoing a divorce, there is likely a concern as to how to handle the marital home, should this apply in your case.  Many people feel that when they are divorcing, that there are only two options available when dealing with the marital home – one spouse retains the home or the house must be sold.  However, there are a variety of things to think about when choosing to divide a home.  For example, these are contingent upon whether there is a financial encumbrance of the home.  If the home has no mortgage, which vastly decreases the spouse’s monthly expenses, which in turn decreases other financial needs such as spousal support while increasing the value of the asset.  Hence, if you believe you will be required to pay spousal support, you may choose to offer your spouse to remain in the marital home so as to decrease their monthly expenses and decrease the amount of spousal support that you will have to pay.  

Conversely, if the home does have a mortgage, the couple should think about the balance of the mortgage in comparison to the value of the house. If the value of the home is less than the outstanding mortgage balance, then there will be no proceeds available to split between the parties and they will owe an outstanding debt that must be paid.  Furthermore, in the event of a mortgage balance and you wish to keep the home, you will need to determine whether you will be able to support the payments and upkeep of the home without financial assistance by your spouse.  If not, then you should consider selling the home.

Call the Law Offices of Beryl Thompson-McClary P.A. Today

We have law offices in Orlando and practice in Orange, Seminole, Osceola, Lake, Brevard,and Volusia counties.  To schedule a free initial consultation with an attorney, you can call our office at 1-888-640-2999.

Beryl Thompson-McClary

390 N. Orange Ave., Suite #2300
Orlando, Florida 32801

Tel: 1-888-640-2999
Open: 8 AM to 5 PM or by appointment

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The Necessity of Depositions in Florida Divorce Cases

Orlando Divorce Attorney

If you are facing a divorce matter, you may be faced with a discovery tactic known as a deposition.  These are conducted by your attorney as well as your spouse’s attorney, where testimony is provided by experts, witnesses, or the parties, under oath. This tool is documented by a court reporter, and may be used later in court.  The purpose of a deposition is to obtain additional details that relate to your divorce case.  Keep in mind however, depositions can be time consuming and may significantly increase your costs.  This is why some question the necessity of depositions in divorce cases.

There are a number of instances where almost everyone would admit that depositions are necessary.  This includes where a party did not fully disclose all relevant information through other discovery means such as requests for production or interrogatories. As noted above, you are placed under oath during a deposition, and the party being deposed must answer every question.  Attorneys may raise objections where the court will rule on them later on, however, each party subject to a deposition must respond to the questions being asked of them.  

Another reason why a deposition may be necessary is when there are several experts with differing opinions.  For example, if one party is stating that he or she is unable to work, or there are questions as to what is in a child’s best interest, each spouse can rely on experts to testify as to their respective positions.  Overall, a deposition allows your lawyer to obtain a full picture of the qualifications and analysis of each expert in order to prepare for trial. 

Call the Law Offices of Beryl Thompson-McClary P.A. Today

We have law offices in Orlando and practice in Orange, Seminole, Osceola, Lake, Brevard,and Volusia counties.  To schedule a free initial consultation with an attorney, you can call our office at 1-888-640-2999.

Beryl Thompson-McClary

390 N. Orange Ave., Suite #2300
Orlando, Florida 32801
Tel: 1-888-640-2999
Open: 8 AM to 5 PM or by appointment

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What to Consider in a Florida High Net Worth Divorce

Orlando Adult Guardianship Attorney

No matter your income or assets, divorce is a stressful event. But having a high net worth can make the proceedings more complicated, as you try to divide large assets and decide how to settle potential alimony. Knowing Florida’s laws will help you understand the things you need to consider.

Florida’s General Rules During Divorce

Florida follows the law of “equitable distribution,” meaning divorce courts in the state will sort out which property is marital and nonmarital and then divide the marital property according to what is most fair for both spouses. Understanding which property is marital will go a long way in helping you determine what you will need to divide with your spouse.

According to Florida law, marital property includes: 

  1. Assets acquired during the marriage, individually by either spouse or jointly by them;
  2. The enhancement in value and appreciation of nonmarital assets resulting either from the efforts of either party during the marriage or from the contribution to or expenditure thereon of marital funds or other forms of marital assets, or both;
  3. Interspousal gifts during the marriage; and 
  4. All vested and nonvested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs. 

Conversely, nonmarital assets are those acquired by either spouse prior to the marriage or as the result of a gift or inheritance to only one spouse. Income derived from nonmarital assets is likewise a nonmarital asset. In addition to these rules, spouses can agree in writing to what assets are marital and nonmarital, usually through a prenuptial agreement.

Division of Assets in Florida Divorces

Once you have figured out which assets are marital and thus subject to division, you need to consider the kinds of assets you will have to divide. It is very important for both spouses to be completely forthcoming and transparent during this phase, identifying all their various assets to which the other might be entitled. You do not want to hide anything or find out you have been fooled. 

Some basic questions to ask yourself are: Do you have a business or are you a shareholder in a business? Do you have primary and secondary residences and vehicles? Do you have retirement benefits, a pension, stock options? 

All of these things, if acquired or accumulated during the marriage, will need to be sorted out. The first step you will need to take in accomplishing that is obtaining a valuation on each asset. This is most commonly accomplished by hiring a forensic certified public accountant or appraiser to analyze your assets and assign values to them. 

For instance, in valuing a business, a forensic CPA would examine the following aspects of the business:

  1. Size of the business
  2. Nature of the business
  3. Properties owned by the business
  4. Financial records
  5. Business accounts
  6. Business reputation and good will

After investigating all relevant business information, the CPA will arrive at the value of the business by using either a fair market valuation (based on what an everyday buyer might offer in a sale) or an investment valuation (based on what a knowledgeable industry buyer might offer in a sale). The CPA can rely predominately on the business’ present income, its potential for future earnings, the value of comparable business, and/or a straight calculation of the business’ assets minus its liabilities. 

When you have values assigned to your assets, you will then need to decide whether to split your interests in the assets, liquidate the assets, or arrange for one spouse to take the assets with some kind of cash or property offset going to the other spouse. 

Payment of Alimony

In the absence of a prenuptial agreement as to maintenance upon divorce, high net worth individuals need to consider the potential for paying alimony to their spouses. Florida has a statute specifically devoted to the subject of alimony (61.08) that states a court can award either spouse to pay any of four kinds of alimony:

  1. Bridge-the-gap alimony – Bridge-the-gap alimony is awarded to assist one spouse by providing support to allow him or her to make a transition from being married to being single. It is paid for the purpose of legitimate, identifiable short-term needs and may not exceed two years in duration.
  • Rehabilitative alimony – Rehabilitative alimony is awarded to assist one spouse in establishing the capacity for self-support through redevelopment of skills, education, training, or work experience. It must be part of a specific and defined plan and is intended to be short-term in nature.
  • Durational alimony – Durational alimony is awarded when permanent alimony might not be appropriate. It is paid to provide one spouse with economic assistance for a set period of time following a marriage. 
  • Permanent alimony – Permanent alimony is awarded to provide for the needs and necessities of life as they were established during the marriage of the parties for a spouse who lacks the financial ability to meet his or her needs and necessities of life following a divorce. Permanent alimony is generally reserved for long-term marriages (17 years or longer) and will be awarded for short-term marriages (less than 7 years) only in exceptional circumstances. 

In considering whether one spouse needs to pay alimony to the other, the court will look at several aspects of the marriage, including:

  1. The duration of the marriage;
  2. The standard of living established during the marriage;
  3. Any infidelity in the marriage;
  4. The age and physical/emotional condition of each spouse;
  5. The financial resources of each party, including bothmarital and nonmarital assets;
  6. The earning capacity, education, vocational skills, and employability of each spouse;
  7. The contribution of each spouse to the marriage, including homemaking services, child care, education, and career building of the other spouse;
  8. The responsibilities each spouse will bear with regard to any minor children;
  9. The tax treatment and consequences to both spouses of any alimony;
  10. All sources of income available to both spouses, including income from investments and assets.

In most circumstances, alimony payments are modifiable. However, bridge-the-gap alimony is never modifiable. Other types of alimony can be modified by the court based on changes in circumstances and whether the payments are being made according to the agreement. There are also tax implications to consider, both payments and deductions.

The Importance of Hiring Aggressive Counsel 

Because of all the complicated considerations involved in a high net worth divorce, it is critically important to retain a competent lawyer to help you arrive at the most favorable result. A skilled lawyer will be able to hire experts, conduct depositions, perform written discovery, and go to trial if necessary. You have worked hard for your assets, and you need the right attorney to help you protect them. 

If you are contemplating a divorce in Florida involving high-value assets, you need a knowledgeable divorce attorney like Beryl Thompson-McClary on your side. She has 28 years of litigation experience and is steadfastly dedicated to protecting what matters to her clients. Schedule a confidential consultation today at no cost to you by calling our Orlando office at (888) 640-2999. 

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