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How Florida Courts Handle Commingled Assets in Divorce

How Florida Courts Handle Commingled Assets in Divorce

High Net-Worth Divorce and Commingled Assets in Orlando

Orlando is a city full of successful professionals, business owners, and individuals who have worked hard to build their financial security. However, when a marriage ends, dividing assets can become complex, particularly when commingled property is involved. As an Orlando high net-worth divorce Attorney, I help clients on both sides of this issue—those seeking to protect their assets and those fighting for their fair share.

I’m Beryl Thompson-McClary, and I handle high-asset divorce cases throughout Orange County, Florida. If commingled assets are a concern in your divorce, you need an attorney who understands how Florida courts classify, trace, and divide marital and non-marital property. Call me at 1-888-640-2999 to schedule a consultation and discuss your legal options.

What Are Commingled Assets?

In Florida, commingled assets are those that were originally separate (non-marital) but became mixed with marital funds during the marriage. Commingling often occurs when:

  • A spouse deposits separate funds into a joint bank account.
  • One spouse contributes personal funds to improve a jointly owned property.
  • A business owned before the marriage grows due to both spouses’ efforts.
  • Inherited or gifted assets become mixed with marital funds.

Florida law distinguishes between marital and non-marital assets, but commingling can blur those lines, making asset division more complex.

Florida Law on Commingled Assets in Divorce

Under Florida Statutes §61.075, courts follow equitable distribution, which means assets are divided fairly but not always equally. The court will determine whether an asset remains separate or has become marital property due to commingling. Factors that influence this decision include:

  • The extent of commingling: If separate funds were repeatedly deposited into a joint account, the asset may be considered marital.
  • The ability to trace separate funds: If records can prove the original source of an asset, it may retain its non-marital classification.
  • The intent of the spouses: If one spouse gifted or transferred property to the other, it may be classified as marital.

Each case is unique, and proper legal representation is crucial to ensuring a fair division of assets.

Protecting Non-Marital Assets from Commingling

If you want to protect your separate property from becoming marital property, consider these steps:

  • Keep Inherited and Pre-Marital Assets Separate: Maintain separate accounts and avoid mixing funds with marital assets.
  • Use Prenuptial or Postnuptial Agreements: Clearly outline asset ownership and how property should be divided in case of divorce.
  • Maintain Detailed Financial Records: Document where funds originated, how they were used, and whether they were intended as a marital asset.
  • Be Cautious With Business Growth: If your business was started before marriage but benefited from marital efforts, it could become a marital asset.

If you suspect commingling has already occurred, I can work with financial experts to trace the source of assets and build a case for their proper classification.

What If You Are Seeking a Share of Commingled Assets?

If your spouse is trying to claim assets as separate property, but those assets were mixed with marital funds or benefited from the marriage, you may have a right to a portion of them. Courts look at:

  • Whether marital funds or efforts contributed to the asset’s increase in value.
  • Whether both spouses used or benefited from the asset during the marriage.
  • Whether a spouse transferred or gifted the asset to the marital estate.

I represent spouses seeking their fair share in high net-worth divorce cases and work to ensure they are not left at a financial disadvantage.

How Florida Courts Handle Specific Commingled Assets

Commingled Bank Accounts

If one spouse deposits non-marital funds into a joint account and the funds are used for household expenses, the court may classify the entire account as marital property. If the original funds can be traced, a portion may be preserved as separate property.

Real Estate Purchased Before Marriage

A home owned by one spouse before marriage may become a marital asset if both spouses contribute to the mortgage, renovations, or maintenance. If the home appreciates due to marital efforts, the increase in value may be considered marital property.

Businesses Started Before Marriage

A business founded before marriage is usually separate property, but if the non-owner spouse contributed financially or worked in the business, they may have a claim to part of its increased value.

Retirement Accounts

Funds contributed to retirement accounts before marriage are typically separate property, but any contributions made during the marriage are subject to equitable distribution.

FAQs About Commingled Assets in Florida Divorce Cases

How can I prove that my separate property should not be divided in the divorce?

The best way to prove an asset is separate is by maintaining detailed financial records showing when and how the asset was acquired. Bank statements, property deeds, business records, and inheritance documents can all serve as evidence.

What happens if my spouse and I disagree on whether an asset is commingled?

If there is a dispute over whether an asset is commingled, the court will consider financial records, expert testimony, and the circumstances surrounding the asset’s use during the marriage. A forensic accountant may be needed to trace the funds.

Can I claim a portion of my spouse’s business if I contributed to its success?

Yes. If you worked in the business, made financial contributions, or helped it grow, the court may consider a portion of the business value as marital property, entitling you to a share in the divorce settlement.

Are gifts between spouses considered commingled assets?

Yes. If one spouse gifts an asset to the other or transfers property into joint ownership, Florida law often considers this a marital asset subject to division in divorce.

How does a prenuptial agreement affect commingled assets?

A well-drafted prenuptial agreement can prevent commingling by clearly stating which assets remain separate property, even if they are used during the marriage. Courts generally uphold these agreements unless they are found to be unfair or improperly executed.

What happens if I used separate funds to improve our marital home?

If you used separate funds to renovate or improve a jointly owned home, you might be entitled to reimbursement or credit for the contribution during the divorce settlement.

Can commingled assets affect alimony determinations?

Yes. The classification of assets can impact spousal support awards, especially if one spouse significantly benefited from marital assets that were originally separate.

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

If you are dealing with commingled assets in a high net-worth divorce, you need strong legal representation to ensure your financial interests are protected. Whether you are trying to preserve separate property or claim a share of marital assets, I can help. Call me at 1-888-640-2999 to schedule a consultation and discuss the best legal strategy for 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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Negotiating Buyouts for Business Interests in Florida Divorce Settlements

Negotiating Buyouts for Business Interests in Florida Divorce Settlements.

High Net-Worth Divorce and Business Ownership in Orlando

Orlando is home to a growing number of business owners, professionals, and entrepreneurs who have built successful enterprises. When divorce becomes a reality, one of the most significant financial issues is determining what happens to business interests. Business owners often want to retain full control, while spouses who contributed to the business may seek a fair share.

As an Orlando high net-worth divorce Attorney, I work with clients on both sides of this issue, helping business owners secure their companies while ensuring spouses receive equitable compensation. Whether you are looking to negotiate a buyout or claim your fair share of a business asset, I am here to guide you through the legal process. Call me, Beryl Thompson-McClary, at 1-888-640-2999 to schedule a consultation and discuss your case.

How Florida Law Defines Business Interests in Divorce

Florida follows the principle of equitable distribution, which means that marital assets are divided fairly, though not necessarily equally. Under Florida Statutes §61.075, the court classifies property as either marital or non-marital before dividing assets. A business interest may fall into either category depending on when it was established and how it was maintained during the marriage.

  • Marital Business Interests: If a business was started or acquired during the marriage, it is typically considered marital property. Even if one spouse was not actively involved in running the business, they may still have a claim to a share of its value.
  • Non-Marital Business Interests: If the business was owned before the marriage and no marital assets or labor were used to increase its value, it may be considered separate property. However, if the business grew substantially during the marriage due to shared efforts, the increase in value could be subject to division.

A business buyout in divorce is often the best way to resolve disputes without disrupting the company’s operations. The challenge lies in negotiating a fair valuation and structuring a settlement that both parties can agree upon.

Buyout Options for Business Owners in Divorce

If you are a business owner facing divorce, keeping your business intact is likely a priority. There are several ways to negotiate a buyout:

1. Cash Buyout

The most straightforward option is purchasing your spouse’s share of the business with a lump sum payment. This requires an accurate valuation of the company to determine the fair market price. If liquidity is an issue, financing options may be available to facilitate the transaction.

2. Asset Exchange

Instead of a direct cash payment, one spouse may compensate the other by relinquishing claims to other assets of equivalent value. This could include real estate, retirement accounts, investment portfolios, or other valuable property.

3. Structured Settlement Payments

If a lump sum buyout is not feasible, the business owner may negotiate a structured settlement that allows payments over time. This approach can ease financial strain while ensuring the other spouse receives fair compensation.

4. Business Loan Buyout

Some business owners seek commercial loans to fund a buyout. This option can work well for those with strong financial standing and business credit.

5. Third-Party Business Sale

If neither spouse wants to maintain ownership, selling the business to a third party may be the best solution. The proceeds are then divided according to the divorce settlement.

When a Spouse Seeks Their Share of the Business

If you are the non-owner spouse, ensuring that you receive an equitable settlement is crucial. Here are key considerations to protect your financial interests:

  • Proper Business Valuation: A professional valuation is essential to determine what the business is worth. Courts often rely on forensic accountants to analyze financial records and establish an accurate value.
  • Assessing Contributions: If you contributed to the business financially or through unpaid labor, these contributions should be factored into the settlement.
  • Income Considerations: If the business generates significant income, a fair buyout should account for the long-term financial impact of losing ownership.
  • Tax Consequences: Selling or transferring business shares may have tax implications. Consulting with financial experts ensures that the settlement is structured to minimize tax burdens.

By working with an Orlando high net-worth divorce Attorney, you can negotiate a buyout agreement that reflects the true value of your contributions to the business.

Florida Statutes and Legal Considerations in Business Buyouts

Under Florida Statutes §61.075, courts examine multiple factors when determining equitable distribution, including:

  • The financial contributions of each spouse to the business
  • The length of the marriage and whether the business was established before or during the marriage
  • Whether one spouse sacrificed career opportunities to support the business owner
  • The current and projected value of the business

Additionally, under Florida Statutes §61.08, alimony may also factor into the final settlement if one spouse has significantly higher income due to business ownership.

FAQs About Business Buyouts in Florida Divorce Cases

How is a business valued in a Florida divorce?
Florida courts rely on forensic accountants and business valuation experts to assess financial records, market conditions, and company assets. Valuation methods may include asset-based, income-based, or market-based approaches.

Can my spouse claim a share of my business if they never worked there?
Yes, if the business increased in value during the marriage due to joint financial support, marital funds, or indirect contributions, your spouse may have a claim under Florida’s equitable distribution laws.

What happens if we cannot agree on a business valuation?
If spouses dispute the valuation, each may hire separate experts to provide independent assessments. The court may then determine a fair value based on the presented evidence.

Is selling the business always necessary in divorce?
No, selling the business is only one option. Most business owners negotiate buyouts, structured settlements, or asset exchanges to retain ownership.

What if my spouse tries to undervalue the business?
If one spouse attempts to manipulate financial records, a forensic accountant can investigate potential discrepancies and uncover hidden income or assets.

How can a high net-worth divorce attorney in Orlando help with business buyouts?
An experienced attorney will protect your interests by ensuring the valuation is accurate, negotiating a fair buyout structure, and minimizing financial risks.

What tax implications should I consider when buying out my spouse?
Business buyouts may involve capital gains tax, transfer taxes, and potential restructuring costs. Consulting with financial professionals can help you plan accordingly.

Can my spouse be forced to sell their share of the business?
If a fair buyout cannot be negotiated and court intervention is necessary, a judge may order the sale of the business if it is the only viable option for equitable distribution.

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

Negotiating a business buyout in a Florida divorce requires strategic planning and skilled legal representation. Whether you are seeking to retain your business or secure your fair share of its value, I can help. Call me, Beryl Thompson-McClary, at 1-888-640-2999 to schedule a consultation and discuss your legal 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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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 Calculation of Child Support in a Florida Divorce

Orlando Adult Guardianship Attorney

The State of Florida determined that the best way to ascertain how much child support an individual should pay is to have a table within the child support statute that provides the guidelines for calculating the proper amount. Before these guidelines, there was no consistency, rhyme, or reason for the amount of child support that parents were required to pay.  

The child support guidelines are premised upon a specific mathematical formula that takes into consideration each parent’s respective income and the amount of children involved.  The guidelines include a worksheet that guides you through the parent’s health insurance costs and other things that are deducted from a parent’s income.  It also walks you through deducting income tax and takes into consideration the amount of alimony paid from one parent to another.  Furthermore, it takes into account the cost of day care, the child’s health insurance, and other miscellaneous factors to arrive at a proper child support amount that ensures that the child or children’s needs are sufficiently met.  

While the child support guidelines are surely a cost saving device by divorcing parents and attorneys alike, there are still areas that are contested.  For instance, if one parent isn’t working up to his or her potential, the court can impute income to that individual and determine a proper child support amount as if he or she is fully employed.

While the child support guidelines are meant to simplify the process of calculating child support in a Florida divorce, it is still important to work with Florida Family Law Attorney who will have a specific software program that ensures accuracy and streamlines the process.  Since child support is paid until the child or children of the divorcing couple reach the age of majority, it is critical to make sure that the amount of child support is accurate.  

If you are contemplating a divorce in Florida involving high-net-worth or high-value assets, you need a skilled Florida divorce lawyer who knows the system. Attorney Beryl Thompson-McClary has 28 years of litigation experience and is extremely dedicated to achieving the best results for 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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Special Considerations for a High Net Worth Divorce in Florida

High net worth divorce attorney in Orlando, Florida

Going through a divorce as a high net worth individual, you have a number of things to consider in trying to divide your life into two households. Businesses, houses, retirement plans, stocks, alimony, and support all come into play and present complicated circumstances the average person might not have to encounter. One of the best ways to prepare is to understand what to expect. 

How Does Florida Divide Assets in a 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. Generally, marital property is that which you acquired during the marriage, while nonmarital property you acquired before the marriage.  

In deciding what is most fair for each spouse to receive from the marital property, the court overseeing your divorce will consider many aspects of your marriage, including:

  1. The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as a homemaker.
  2. The economic circumstances of the parties.
  3. The duration of the marriage.
  4. Any interruption of personal careers or education opportunities of either party.
  5. The contribution of one spouse to the personal career or education opportunity of the other spouse.
  6. The desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party.
  7. The contribution of each spouse to the acquisition, enhancement, and production of income or the improvement of, or the incurring of liabilities to, both the marital assets and the nonmarital assets of the parties. 
  8. The desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, when it would be equitable to do so, it is in the best interest of the child or that party, and it is financially feasible for the parties to maintain the resident until the child is emancipated or until exclusive possession is otherwise terminated by a court of competent jurisdiction. In making this determination, the court shall first determine if it would be in the best interest of the dependent child to remain in the marital home; and, if not, whether other equities would be served by giving any other party exclusive use and possession of the marital home. 
  9. The intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition. 
  10. Any other factors necessary to do equity and justice between the parties. 

What Will Happen to My Business? 

One of the biggest considerations for a person going through a high net worth divorce is his or her business. Like other property, you first need to decide whether the business is marital property then figure out how to divide it if so. 

In order to attempt to divide a business, it must first be valued. The leading method for valuing a Florida business during a divorce is hiring a forensic certified public accountant (CPA), who will appraise the value of the business by examining all the relevant aspects of the business, including the nature of the business, the size of the business, the business’ financial records, and the good will and reputation of the business. 

Once the value has been assigned, assuming neither spouse wants to liquidate the business, the court overseeing your divorce will order a division of the business through one of the following means:

  1. Giving the business entirely to one spouse and offsetting the value by giving the other spouse other marital assets or alimony; or
  2. Giving a portion of the business to both spouses. 

Do I Have to Split My Retirement Benefits? 

Spouses will usually be entitled to a share of each other’s retirement benefits, even where one spouse has a larger account balance or where one spouse did not work outside of the home during the marriage. The court will also consider the nature of the retirement accounts, whether traditional, defined contribution, or defined benefit, and how much of the account balances is fully vested. 

Defined-Contribution Plan

A defined-contribution plan is what ordinarily comes to mind first when people talk about retirement accounts. This includes 401k plans, IRAs, and Roth IRAs, where the employee sets aside money every pay period to be invested and eventually grown into a retirement fund. These set asides are also usually added to by the employer through some kind of profit sharing. 

Defined-contribution plans are divided between the spouses based on what portion of the account balance is fully vested. For instance, if at the time of the divorce, a spouse’s 401k is 50 percent vested, and all of the money in the account was contributed during the marriage, the court will divide 50 percent of the balance. Importantly, the non-account holding spouse will not be entitled to additional money accrued in the account after completion of the divorce. 

Defined-Benefit Plan 

Defined-benefit plans usually involve pensions that require certain criteria to be met. The employee can expect to receive a set sum, often in regular payments, upon putting in a certain number of years with the employer. In dividing defined-benefit plans, the non-account holding spouse can take a monetary offset or can elect to receive payments from the account upon reaching retirement age. 

Stock Options

High net worth individuals will often have stock options they need to consider dividing with their spouses. These options allow corporate employees to buy stock at a set price or receive a cash sum equal to stock shares after working a set amount of time, all while avoiding the regulatory caps placed on standard retirement plans. Employees thereby have the opportunity to make and save a great sum of money. Depending on when the stock options were bought or offered, they could be considered marital property that will need to be divided.

It is very important to remember the tax implications of retirement accounts and stock options, especially where the non-account holding spouse is accepting a money offset instead of a portion of the account. Retirement accounts are often tax delayed, meaning taxes have not been withheld from the money before it is placed in the account. When the account is eventually withdrawn, taxes will be taken out. For this reason, $100,000 in a 401k is not the same as $100,000 in cash. The court and spouses need to consider this when configuring how to divide any relevant retirement benefits. 

Contact Our Orlando Divorce Law Firm Today

As a high net worth individual, you have unique circumstances, and you need an experienced lawyer who understands them. Attorney Beryl Thompson-McClary has been in the business for nearly 30 years and will work diligently to achieve the results you need while keeping your costs in mind. The seasoned legal team at Law Office of Beryl Thompson-McClary, P.A., can start protecting your assets today. Schedule a confidential consultation at no cost to you by calling our Orlando office at (888) 640-2999. 

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