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Handling Business Valuations During a Florida High Net-Worth Divorce

Handling Business Valuations During a Florida High Net-Worth Divorce

Legal Guidance for Business Owners and Spouses in Orlando

Orlando is home to a thriving business community, with professionals and entrepreneurs building substantial financial success. When a high net-worth couple decides to divorce, one of the most complex issues they face is the division of business interests. Whether you own a company or your spouse does, ensuring a fair and accurate valuation is critical to achieving a just resolution.

I am Attorney Beryl Thompson-McClary, an Orlando high net-worth divorce Attorney, and I help business owners and their spouses navigate the intricacies of business valuations in divorce cases. I work with individuals on both sides of this issue, whether they need to protect their business from being unfairly divided or ensure they receive their rightful share of marital assets. My firm handles high net-worth divorces throughout Orange County, Florida. To discuss your case, call 1-888-640-2999 to schedule a consultation.

Understanding Business Valuations in a Florida High Net-Worth Divorce

Florida follows equitable distribution laws, meaning that marital assets are divided fairly but not necessarily equally. Business interests can be among the most valuable and complex assets involved in a divorce. Determining their worth requires a thorough valuation process.

A business valuation provides a comprehensive analysis of the company’s assets, liabilities, revenue, and potential for future growth. Courts rely on these valuations to determine whether a business is marital property, how much it is worth, and how it should be divided between spouses. This process can be contentious, as each party may have competing interests in how the business is valued.

How Florida Law Defines Business Assets in Divorce

Under Florida Statutes § 61.075, assets acquired during the marriage are generally considered marital property, including businesses started or expanded with marital funds. However, if a business was established before the marriage, part of it may still be considered marital property if its value increased due to the spouse’s involvement or shared financial contributions.

The court will consider:

  • Whether the business was founded before or during the marriage.
  • How much each spouse contributed to its growth.
  • Whether one spouse was actively involved in managing the company.
  • Whether marital funds were used to support or expand the business.

Methods Used to Value a Business in Divorce

There are several methods professionals use to determine the fair market value of a business in a Florida divorce. The method used often depends on the nature of the business and what both parties agree upon.

  • Income Approach: This method calculates value based on projected future earnings, considering the company’s profitability, expenses, and revenue trends.
  • Market Approach: This valuation compares the business to similar businesses that have recently been sold.
  • Asset Approach: This method evaluates the tangible and intangible assets of the company and subtracts liabilities to determine net worth.

In high net-worth divorces, it’s not uncommon for each spouse to hire separate experts, leading to competing valuations. As an Orlando high net-worth divorce Attorney, I work with top forensic accountants and financial experts to ensure my clients have a well-supported valuation that protects their interests.

Addressing Business Ownership and Division in Florida Divorces

Once the valuation is established, the next issue is how the business will be handled in the divorce. The court may consider different options depending on each spouse’s role in the company and their financial circumstances.

  • One Spouse Buys Out the Other: If one spouse wishes to keep the business, they may negotiate a buyout by offsetting the value with other assets such as real estate or investment accounts.
  • Co-Ownership: In rare cases, spouses may agree to continue owning and running the business together post-divorce, though this requires a high level of cooperation.
  • Selling the Business: If neither spouse can afford to buy the other out, the court may order the sale of the business, with proceeds divided equitably.

Each of these outcomes has legal and tax implications that should be carefully considered. My goal is to protect your financial future by ensuring the best possible arrangement for your situation.

Common Disputes in Business Valuation During Divorce

Because businesses can be a significant source of wealth, disputes often arise regarding their valuation and division. Some common conflicts include:

  • Underreporting or Overreporting Income: A business owner may attempt to undervalue the company to reduce the amount owed to their spouse, while the other spouse may argue that the business is worth more.
  • Hidden Assets: One spouse may try to conceal income, assets, or business opportunities.
  • Disagreement on Valuation Method: Each spouse may rely on different valuation experts, leading to vastly different estimates.

These disputes can significantly impact the outcome of a divorce. With strong legal representation, you can ensure the valuation is accurate and that your interests are protected.

Protecting Your Business in a Florida Divorce

If you are a business owner, taking proactive steps before and during a divorce can help protect your company. Some strategies include:

  • Having a Prenuptial or Postnuptial Agreement: A legally binding agreement can define how business interests will be handled in the event of a divorce.
  • Keeping Business and Personal Finances Separate: Avoiding the use of marital funds in business operations can help distinguish the business as separate property.
  • Structuring Ownership Properly: Setting up the business in a way that limits spousal ownership rights can be beneficial.

If you did not put these protections in place before marriage, I can help you develop a strategy to safeguard your business interests during your divorce proceedings.

FAQs About Business Valuations in Florida High Net-Worth Divorces

What happens if my spouse helped grow my business during our marriage?

Even if you owned the business before marriage, your spouse may be entitled to a share of the increased value if they contributed to its success. Contributions may include financial support, operational involvement, or even taking on domestic responsibilities that allowed you to focus on the business.

Can I keep my business if I don’t want to sell it?

Yes, but it often requires negotiating a buyout. This can be done by offsetting the value with other assets, refinancing, or setting up structured payments. My role is to help you find a solution that protects your business while ensuring a fair settlement.

What if my spouse tries to claim more than they are entitled to?

A strong legal strategy is essential to ensure your spouse does not unfairly inflate their claim. I work with forensic accountants and business valuation experts to present an accurate financial picture and advocate for a fair outcome.

How long does the business valuation process take?

It depends on the complexity of the business and whether both parties agree on the valuation. If disputes arise, the process can take months. I work to expedite valuations while ensuring they are thorough and defensible.

What if my business is deeply in debt?

Debts are considered alongside assets. If your business carries significant liabilities, this will be factored into the valuation. Understanding the full financial picture is essential to ensure fair treatment in asset division.

Call Attorney Beryl Thompson-McClary to Discuss Your Case

If you are facing a high net-worth divorce involving a business, you need legal guidance to ensure that your interests are protected. I represent both business owners and spouses seeking their fair share of marital assets. Contact me at 1-888-640-2999 to schedule a consultation and discuss your case.

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Should You Sell Your Business or Keep It During Divorce?

Should You Sell Your Business or Keep It During Divorce?

Protecting Your Business Interests in an Orlando High Net-Worth Divorce

Orlando is home to a thriving business community, with professionals, entrepreneurs, and small business owners contributing to the region’s economic success. When a marriage ends, the fate of a business becomes one of the most pressing concerns for high-net-worth individuals. Deciding whether to sell or keep a business during a divorce requires careful consideration of legal, financial, and emotional factors.

As an Orlando high net-worth divorce attorney, I assist business owners, professionals, and spouses in understanding their rights and options under Florida law. Every divorce is unique, and I work closely with my clients to protect their financial interests while ensuring a fair resolution. If you are facing a divorce and own a business, call me at 1-888-640-2999 to discuss the best approach for your situation. I handle high-net-worth divorce cases throughout Orange County, Florida, and will help you make informed decisions about your business.

Understanding Business Division in a Florida Divorce

Florida is an equitable distribution state, meaning that marital assets are divided fairly, though not necessarily equally. Under Florida Statutes § 61.075, the court examines several factors to determine how a business should be classified and divided. If the business was started during the marriage or its value significantly increased due to joint efforts, it may be considered a marital asset.

Determining whether to sell or keep the business requires analyzing key issues, including:

  • Whether the business is classified as marital or non-marital property
  • The impact of an ownership split on business operations
  • Valuation complexities and tax implications
  • The feasibility of a buyout agreement

Each of these factors can significantly impact the final resolution, making it essential to approach the decision with a clear strategy.

Keeping the Business After Divorce

If maintaining ownership of the business is the goal, several options are available:

Buyout of the Other Spouse’s Interest

One of the most common solutions is a buyout. This allows one spouse to retain full ownership while compensating the other for their share. A fair market valuation is essential in determining the appropriate buyout amount. Florida courts require full financial disclosure, and hiring a business valuation expert is often necessary to ensure accuracy.

A buyout can be structured in various ways:

  • A lump sum payment
  • Offsetting with other marital assets (e.g., real estate, retirement funds)
  • Structured payments over time

Each option has financial consequences that must be carefully evaluated.

Negotiating a Settlement That Preserves the Business

In some cases, spouses agree on a settlement that allows the business owner to continue operations without disruption. This could involve adjusting alimony or other financial obligations to compensate the non-owner spouse fairly.

Legal Protection for Business Owners

If the business is a sole proprietorship or professional practice, keeping control is often a priority. Florida courts may consider the business owner’s role in generating income, especially if the other spouse does not have an active interest in operations. Proper legal guidance can help structure an agreement that secures ownership without jeopardizing long-term financial stability.

Selling the Business During Divorce

In some situations, selling the business is the most practical solution. This may be necessary when:

  • Neither spouse can afford a buyout
  • The business is highly dependent on both spouses
  • Selling would provide both parties with the best financial outcome

How Business Sales Work in a Divorce

A business sale during divorce typically involves:

  • Valuation: Determining an accurate market price through professional appraisal
  • Finding Buyers: Seeking qualified buyers who can purchase the business at a fair price
  • Dividing Proceeds: Allocating the sale proceeds in accordance with Florida’s equitable distribution laws

If the court orders the sale, both parties must comply with legal requirements, ensuring full transparency in financial disclosures.

Tax and Financial Implications of Selling

Selling a business comes with potential capital gains taxes and financial consequences. Proper tax planning can minimize unnecessary burdens, making it essential to consult financial professionals before making a decision.

How Attorney Beryl Thompson-McClary Can Help

As an Orlando high net-worth divorce attorney, I have extensive experience handling complex property division cases involving businesses, professional practices, and high-value assets. Whether you are a business owner seeking to protect your interests or a spouse entitled to a fair share, I will develop a legal strategy tailored to your goals.

  • Comprehensive business valuation guidance
  • Negotiating fair settlements to retain or divide business assets
  • Addressing tax and financial considerations
  • Advocating for clients in high-stakes divorce litigation

If you are facing a divorce that involves business ownership, I encourage you to call 1-888-640-2999 to schedule a consultation. I represent clients throughout Orange County, Florida, and will ensure that your financial future is protected.

FAQs About Selling or Keeping a Business in a Florida Divorce

How does Florida determine whether a business is marital property?

Florida courts examine when the business was established and how it was managed during the marriage. If the business was created during the marriage, it is typically classified as a marital asset. Even if it was founded before marriage, increased value due to joint efforts may make part of it subject to division.

What happens if both spouses want to keep the business?

If both spouses wish to retain ownership, the court may consider factors such as each spouse’s role in operations and financial capability. In some cases, one spouse may be required to buy out the other’s interest. If no agreement is reached, the court may order a sale.

How is a business valued in a high-net-worth divorce?

A professional business valuation is typically required. Experts analyze financial statements, market trends, goodwill, and other factors to determine an accurate valuation. Courts may rely on forensic accountants to assess the business’s fair market value.

Can a business be used to offset other assets in a divorce settlement?

Yes. If one spouse wants to keep the business, they may offer other assets (such as real estate, investment accounts, or retirement funds) to balance the division. Courts allow flexibility in asset distribution to ensure an equitable outcome.

What are the tax consequences of selling a business during divorce?

Selling a business may trigger capital gains taxes, which can impact the overall financial settlement. Consulting with a tax professional before finalizing the sale is crucial to understanding potential tax liabilities.

Does a prenuptial agreement affect business division in divorce?

A prenuptial agreement can provide clear terms regarding business ownership and asset division. Courts generally uphold valid prenuptial agreements, reducing disputes over business interests during divorce.

How long does it take to resolve business-related divorce issues?

The timeline varies depending on the complexity of the case. If spouses can agree on terms, the process may be resolved more quickly. Litigation, however, can extend the timeframe due to valuation disputes and legal negotiations.

What if a business owner hides assets during divorce?

Hiding assets is illegal and can result in severe legal consequences. Courts may impose penalties, award additional assets to the other spouse, or revisit settlement terms if hidden assets are discovered.

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

If you are dealing with business-related concerns in a high-net-worth divorce, I can help you evaluate your options and secure the best outcome for your financial future. Call today to schedule a consultation and receive personalized legal guidance.

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How Florida Law Treats Business Goodwill in Divorce Proceedings

How Florida Law Treats Business Goodwill in Divorce Proceedings

Understanding High Net-Worth Divorce in Orlando

Orlando is home to a growing number of successful professionals, business owners, and entrepreneurs. When divorce enters the picture for those with significant assets, particularly those who own businesses, complex financial questions arise. One of the most contested aspects of a high net-worth divorce in Florida is the valuation and division of business goodwill.

As an experienced Orlando high net-worth divorce attorney, I help business owners and their spouses understand how Florida law treats business goodwill during divorce proceedings. Whether you are protecting your business interests or seeking a fair share of marital assets, I provide strategic legal counsel to ensure that your rights and financial interests are protected. If you need legal guidance, call me, Attorney Beryl Thompson-McClary, at 1-888-640-2999 to schedule a consultation. I handle high-asset divorce cases throughout Orange County and beyond, helping clients achieve fair outcomes in complex financial matters.

What Is Business Goodwill?

In Florida divorce law, business goodwill refers to the intangible value of a business beyond its tangible assets. It represents the reputation, client base, and earning potential of a company. Courts typically divide business goodwill into two categories:

  • Personal goodwill: This value is tied directly to the individual owner’s skills, reputation, and professional relationships. It is considered non-marital and is not subject to equitable distribution.
  • Enterprise goodwill: This portion of goodwill is associated with the business itself and exists independently of the owner. It is considered a marital asset and may be divided during a divorce.

Understanding the distinction between personal and enterprise goodwill is crucial in determining whether and how a business’s value will be divided in a Florida divorce.

Florida Statutes Governing Business Goodwill 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, a business or professional practice acquired or developed during the marriage is generally considered a marital asset unless a prenuptial or postnuptial agreement states otherwise.

Courts analyze business goodwill under this statute when determining:

  • Whether goodwill is personal or enterprise-based
  • Whether the business has value separate from the owner
  • Whether the goodwill can be quantified in financial terms

Because personal goodwill is not considered marital property, the spouse who owns the business may argue that its value should be excluded from the marital estate. Conversely, the non-owner spouse may seek to prove that a significant portion of the business’s value is enterprise goodwill, which would be subject to division.

Valuing Business Goodwill in Florida Divorce Cases

Valuation of business goodwill requires a detailed financial analysis. Courts rely on expert testimony from forensic accountants, business valuation specialists, and financial analysts to determine:

  • The historical earnings of the business
  • The role of the business owner in generating revenue
  • Market conditions and industry standards
  • Whether the business has transferable value

Methods commonly used in Florida to value business goodwill include:

  • Income approach: Examines projected future earnings and discounts them to present value.
  • Market approach: Compares the business to similar businesses that have been sold.
  • Asset-based approach: Evaluates the net value of business assets after liabilities.

The business-owning spouse may argue for a lower valuation, emphasizing the importance of personal goodwill, while the other spouse may assert that the business’s ongoing success is tied to enterprise goodwill, increasing its divisible value.

How Business Goodwill Impacts Property Division

Once the value of business goodwill is determined, the court will decide how to handle it in the property division process. Possible outcomes include:

  • Buying out the non-owner spouse: The business owner compensates their spouse for their share of enterprise goodwill.
  • Structured settlements: Payments are made over time rather than in a lump sum.
  • Offsetting assets: The non-owner spouse receives other marital assets, such as real estate or investment accounts, in exchange for their share of business goodwill.
  • Business sale: In some cases, if a fair settlement cannot be reached, the court may order the sale of the business and divide the proceeds.

Each option has financial and tax consequences, making it essential to work with a high net-worth divorce attorney in Orlando who understands complex business valuations and equitable distribution laws.

Protecting Business Interests During Divorce

For business owners, safeguarding a company’s value in divorce requires careful planning. Steps to protect business goodwill include:

  • Prenuptial or postnuptial agreements: Clearly defining how business assets will be handled in the event of divorce can prevent disputes.
  • Business structuring: Operating as a corporation or partnership with buy-sell agreements can limit a spouse’s claim to business goodwill.
  • Compensation adjustments: Demonstrating that income is based on market rates rather than business ownership value can impact goodwill valuation.
  • Keeping personal and business finances separate: Commingling business and personal assets can make it more challenging to argue against enterprise goodwill claims.

How Attorney Beryl Thompson-McClary Can Help

Whether you are a business owner seeking to protect your livelihood or a spouse looking to ensure a fair division of marital assets, I provide comprehensive legal representation tailored to your needs. As an Orlando high net-worth divorce attorney, I have extensive experience handling business goodwill disputes in divorce cases throughout Orange County. I work closely with financial professionals to ensure accurate business valuations and develop strategic legal approaches that align with your financial goals.

If you are involved in a high-asset divorce and need legal guidance on business goodwill and asset division, call me at 1-888-640-2999 to schedule a consultation.

FAQs About Business Goodwill in Florida Divorce

What is the difference between personal and enterprise goodwill?

Personal goodwill is tied directly to the individual business owner’s reputation and skills, meaning it is not subject to division in a divorce. Enterprise goodwill, however, is tied to the business itself and is considered a marital asset if acquired during the marriage.

How do Florida courts determine if business goodwill is personal or enterprise-based?

Courts analyze financial records, expert testimony, and the nature of the business itself. If the business has transferable value beyond the owner’s personal efforts, a portion of the goodwill may be classified as enterprise goodwill and subject to division.

Can a spouse claim a share of business goodwill if they never worked in the business?

Yes. Even if a spouse did not actively work in the business, they may still be entitled to a share of the enterprise goodwill if the business was built during the marriage and contributed to the couple’s overall financial status.

How is business goodwill valued in a Florida divorce?

Valuation experts use financial records, revenue projections, and market comparisons to assess the value of business goodwill. Courts rely on expert testimony to determine a fair assessment.

Can a business owner prevent their spouse from claiming enterprise goodwill?

Business owners can take proactive steps such as having a prenuptial agreement, structuring the business properly, and maintaining separate financial records to minimize the impact of divorce on their business assets.

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

If you are facing a high-asset divorce involving business goodwill, having an experienced attorney on your side is essential. I am dedicated to protecting my clients’ financial interests in high-stakes divorce cases. Call 1-888-640-2999today to schedule a consultation and discuss your legal options.

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What Happens to Small Businesses During a Divorce in Florida?

What Happens to Small Businesses During a Divorce in Florida?

Protecting Your Business and Financial Future in Orlando

Orlando’s dynamic community is home to countless small business owners and professionals who drive the local economy. For high net-worth individuals, their business often represents not just financial security but a lifelong investment of time, effort, and dreams. When divorce becomes a reality, the fate of that business is a critical issue. My name is Beryl Thompson-McClary, and I am an experienced high net-worth divorce attorney in Orlando. I have guided business owners, their spouses, and other professionals through the complexities of divorce in Orange County, Florida.

If your divorce involves a small business, you need an advocate who understands how to protect your financial future. Whether you’re the business owner or the spouse, I’m here to help you. Call me for an initial consultation at 1-888-640-2999 so we can discuss your situation in detail.

Small Businesses in Florida Divorce Cases

When small businesses become part of divorce proceedings, the stakes are often high. Under Florida law, marital property is subject to equitable distribution, meaning it will be divided fairly between both spouses. However, fairness doesn’t always mean equal. Businesses that were started or significantly grown during the marriage are usually considered marital assets, even if only one spouse was directly involved.

How Florida Statutes Define Marital Assets

Florida Statute §61.075 governs the division of marital property. It defines marital assets as those acquired during the marriage, which typically include:

  • Businesses or professional practices started during the marriage
  • The increased value of a business due to efforts made during the marriage
  • Income generated by the business that was commingled with marital funds

Understanding whether a business is marital or non-marital property is critical. Non-marital property, such as a business started before the marriage, can remain separate, but any increase in its value due to marital efforts could still be subject to division.

What Happens to the Business?

When a small business is part of a high net-worth divorce, there are generally three outcomes:

1. One Spouse Keeps the Business

In many cases, the spouse who is more actively involved in the business will retain ownership. This often involves buying out the other spouse’s interest. The buyout value is determined by appraising the business, which requires an accurate and thorough valuation. I work closely with financial experts to ensure all assets are accounted for and valuations are fair.

2. The Business Is Sold

If neither spouse can afford a buyout or if they can’t agree on terms, selling the business and dividing the proceeds may be the only option. This approach can be challenging for both parties, particularly when the business has sentimental value or is the family’s primary source of income.

3. The Business Is Co-Owned

While less common, some couples choose to co-own the business post-divorce. This arrangement requires strong communication and trust, as well as clear legal agreements to prevent future conflicts. I’ll help you weigh this option carefully and draft agreements to protect your interests.

Key Issues in Business Division

Valuation

A proper business valuation is essential for determining its worth. This process involves:

  • Examining financial statements
  • Assessing goodwill and intangible assets
  • Reviewing debts and liabilities
  • Considering market conditions and future earning potential

An inaccurate valuation can lead to significant financial losses. That’s why I collaborate with trusted forensic accountants and financial analysts to ensure all factors are considered.

Income and Support Calculations

When a business owner’s income is tied to the company, it complicates calculations for spousal and child support. Courts will review the business’s profits, distributions, and retained earnings to determine an accurate picture of income. As your attorney, I’ll work to ensure that these calculations reflect the true financial situation.

Protecting Confidential Information

High net-worth divorce cases often involve sensitive business information. Protecting trade secrets, client lists, and proprietary data is critical. I ensure that confidentiality agreements are in place throughout the proceedings to safeguard your business.

How We Help Both Sides of the Issue

Whether you’re the business owner or the spouse, you deserve fair treatment under the law. Here’s how I can help:

For Business Owners

  • Protecting the business from being unfairly devalued or sold
  • Ensuring confidentiality throughout the divorce process
  • Negotiating buyout terms that allow you to retain ownership

For Spouses

  • Securing an accurate valuation to reflect the true worth of the business
  • Fighting for a fair share of the marital property
  • Ensuring income calculations for support payments are accurate

Divorce is a challenging time, but with the right legal strategy, you can protect what matters most to you. Call me at 1-888-640-2999 for an initial consultation to discuss your specific needs.

FAQs About Small Businesses and Divorce in Florida

How is a business valued during a Florida divorce?

Business valuation is a detailed process that examines assets, liabilities, and earning potential. It often involves forensic accountants who assess financial statements, tangible assets, and intangible factors like goodwill. The goal is to determine a fair market value that reflects the business’s worth at the time of the divorce. As your attorney, I’ll ensure this valuation process is thorough and equitable.

Is my business considered marital property if I started it before the marriage?

A business started before the marriage is typically considered non-marital property. However, if the business grew in value due to efforts made during the marriage or if marital funds were used to support it, the increased value may be classified as marital property. I’ll work to identify and differentiate these aspects to protect your interests.

Can I prevent my spouse from claiming part of my business?

While you can’t completely prevent claims, there are steps you can take to protect your business, such as drafting a prenuptial or postnuptial agreement. If no agreement exists, I’ll help you argue for a fair division based on your contributions and the nature of the business.

What happens to a professional practice during a divorce?

Professional practices, like those owned by doctors, dentists, or lawyers, are often treated similarly to other businesses. Their valuation includes tangible assets (e.g., equipment) and intangible assets (e.g., goodwill). Florida law protects professional licenses from being transferred, but the practice’s value may still be subject to division.

Can a business be sold during a divorce?

Yes, selling the business is one option, particularly if neither spouse can afford a buyout or if both agree it’s the best solution. The proceeds are then divided according to Florida’s equitable distribution laws. I’ll help you explore all options to find the one that best suits your situation.

What if my spouse is trying to hide business assets?

Hidden assets are a significant concern in high net-worth divorces. Forensic accountants can uncover undisclosed income, fraudulent transactions, or undervalued assets. I’ll ensure a thorough investigation to protect your rights and secure a fair outcome.

How are income and support calculated for a business owner?

Income calculations for business owners can be complex, as they must account for more than just salary. Courts often review profits, distributions, and retained earnings to determine true income. I’ll work to ensure that support calculations are accurate and equitable.

Can we co-own the business after the divorce?

While possible, co-ownership requires clear legal agreements and a strong level of trust. This option is less common but can work if both parties are committed to the business’s success. I’ll help you evaluate whether this arrangement is viable and draft the necessary agreements to protect your interests.

What is the role of a prenuptial agreement in protecting a business?

A prenuptial agreement can clarify ownership of a business and protect it from being divided during divorce. If you have a prenuptial or postnuptial agreement, I’ll ensure it’s enforced to safeguard your business.

Should I hire an attorney if my divorce involves a business?

Absolutely. High net-worth divorces involving businesses are legally and financially complex. As an Orlando high net-worth divorce attorney, I’ll guide you through every step, ensuring your rights and assets are protected. Call me at 1-888-640-2999 for personalized advice.

Call Attorney Beryl Thompson-McClary Today

If your divorce involves a small business, the stakes are high. Whether you’re protecting your business or ensuring you receive your fair share, I’m here to help. Contact me, Beryl Thompson-McClary, at 1-888-640-2999 for your initial consultation. Together, we’ll create a strategy that supports 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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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 Does Florida Law Handle Professional Practices in Divorce?

Florida Law Handle Professional Practices in Divorce?

Protecting Your Future in Orlando Divorces

Orlando is a dynamic city filled with professionals who have worked tirelessly to establish their careers and build thriving businesses. For many, a professional practice represents not only a source of income but also years of dedication and effort. When divorce becomes a reality, the question of how Florida law handles the division of professional practices is critical. It’s essential to understand your rights and options during this challenging time.

I’m Beryl Thompson-McClary, a divorce attorney serving Orlando and all of Orange County. I’ve guided countless clients through high-stakes divorce cases involving professional practices, ensuring that their rights and futures are protected. If you’re facing a divorce and own a professional practice, or your spouse does, I’m here to help. Call me at 1-888-640-2999 for an initial consultation. Together, we can address your concerns and develop a strategy tailored to your situation.

The Legal Framework for Professional Practices in Florida Divorces

Florida is an equitable distribution state, which means marital assets are divided fairly but not necessarily equally. Professional practices, including law firms, medical practices, and accounting firms, are often treated as marital assets when they were established or grew significantly during the marriage. The critical task is determining the value of the practice and deciding how to handle its division.

Defining Marital vs. Non-Marital Assets

Under Florida Statutes §61.075, assets acquired during the marriage are typically considered marital property, including professional practices. However, if the practice was established before the marriage, only the appreciation in value during the marriage is subject to division. Non-marital assets, such as those acquired before the marriage or through inheritance, are generally excluded from the division process unless they were commingled with marital assets.

Valuation of Professional Practices

Determining the value of a professional practice is often the most complex aspect of dividing it in a divorce. The court considers several factors to ensure a fair evaluation:

  • Goodwill: Goodwill is the reputation, client base, and other intangible factors that contribute to the practice’s value. Florida distinguishes between enterprise goodwill, which is tied to the business itself, and personal goodwill, which is tied to the individual’s reputation and skills. Only enterprise goodwill is subject to division.
  • Tangible Assets: This includes office equipment, real estate, and other physical assets owned by the practice.
  • Earnings History: The court evaluates the practice’s revenue and profitability over time.
  • Liabilities: Any debts or financial obligations tied to the practice are factored into the valuation.

As your attorney, I’ll work with financial experts to ensure the valuation is accurate and accounts for all relevant factors. This ensures you’re treated fairly in the division process.

Options for Dividing Professional Practices

Dividing a professional practice in a Florida divorce can take several forms, depending on the circumstances:

  • Buyouts: The spouse who owns the practice may buy out the other’s share, allowing them to retain full ownership.
  • Offsetting Assets: Instead of dividing the practice directly, other marital assets, such as real estate or retirement accounts, may be awarded to the non-owner spouse to balance the division.
  • Co-Ownership: In rare cases, spouses may agree to continue co-owning the practice temporarily, although this option is often impractical.

My goal is to identify the best option for your specific situation, prioritizing your financial stability and long-term goals.

Protecting Your Professional Practice

If you own a professional practice, protecting its value and integrity is crucial. Florida courts aim to avoid unnecessarily disrupting the practice’s operations. This often means crafting agreements that allow the practice to continue functioning smoothly while ensuring equitable distribution. As your attorney, I’ll advocate for solutions that protect your livelihood and professional reputation.

How Attorney Beryl Thompson-McClary Can Help

Divorces involving professional practices require meticulous attention to detail and a deep understanding of Florida law. Here’s how I can help:

  • Comprehensive Case Assessment: I’ll analyze your situation to determine the best strategy for addressing your professional practice during the divorce.
  • Expert Collaboration: I work with financial analysts, forensic accountants, and other professionals to ensure accurate valuations and equitable outcomes.
  • Tailored Solutions: Every case is unique. Whether you’re looking to retain your practice, negotiate a buyout, or offset assets, I’ll develop a plan that aligns with your priorities.
  • Strong Advocacy: I’ll represent your interests both in and out of court, ensuring your voice is heard and your rights are protected.

To discuss your case, call me at 1-888-640-2999 for an initial consultation. I’m here to help you navigate these challenging issues and find a resolution that works for you.

FAQs About Professional Practices in Florida Divorces

How is goodwill handled in the valuation of professional practices?

Goodwill refers to the intangible value of a business, including its reputation and client relationships. Florida law distinguishes between enterprise goodwill, which is tied to the business itself, and personal goodwill, which is tied to the individual’s skills. Only enterprise goodwill is subject to division in a divorce. For example, a medical practice’s established patient base may be considered enterprise goodwill, while the reputation of a specific doctor may fall under personal goodwill.

What happens if my spouse helped grow the practice during the marriage?

If your spouse contributed to the growth of the practice—whether through direct involvement or by supporting you in other ways—the court may consider that contribution when dividing marital assets. This can affect the valuation and the division of the practice. Florida courts aim to recognize both tangible and intangible contributions made during the marriage.

Can a professional practice be sold during the divorce?

In some cases, selling the practice may be an option, especially if neither spouse wants to retain ownership or if a buyout isn’t feasible. However, selling a practice can be disruptive and may not always be the best solution. I’ll help you explore alternatives to avoid unnecessary complications.

What if my spouse owns the practice, and I don’t want to disrupt its operations?

If your spouse owns the practice and you prefer not to interfere with its operations, we can pursue solutions like a buyout or offsetting assets. This ensures you receive your fair share of the marital property without impacting the business’s day-to-day activities.

Are professional practices always considered marital property?

Not necessarily. If the practice was established before the marriage and its value did not increase significantly during the marriage, it may be considered non-marital property. However, if the practice grew or changed substantially while you were married, the increased value may be subject to division. I’ll review the details of your case to determine how the law applies.

How are liabilities handled in the division of professional practices?

Liabilities, such as business loans or other debts tied to the practice, are considered during the valuation process. These obligations may reduce the overall value of the practice and impact the division of assets. I’ll ensure all liabilities are accurately accounted for to achieve a fair outcome.

Do I need a forensic accountant for my case?

In many high-value divorce cases, a forensic accountant is essential for accurately valuing assets and identifying hidden income or expenses. I work closely with trusted financial experts to ensure all aspects of your case are thoroughly addressed.

Can I modify the terms of the divorce settlement later?

Once a divorce settlement is finalized, modifying terms related to property division is generally not allowed. However, terms related to alimony or child support may be subject to modification if there are significant changes in circumstances. I’ll help you understand what can and cannot be modified.

What steps should I take to protect my practice during a divorce?

Protecting your practice starts with gathering detailed financial records, ensuring compliance with court requirements, and working with an experienced attorney. I’ll guide you through each step to safeguard your interests and minimize disruptions to your business.

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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Protecting Your Business in an Orlando Divorce

Protecting Your Business in an Orlando Divorce

Protecting Your Business in an Orlando Divorce: Key Strategies

Safeguarding Your Livelihood Amid Legal Challenges

Orlando, Florida, is home to a vibrant community of professionals, entrepreneurs, and business owners. With its thriving economy and diverse opportunities, many individuals in Orange County have built successful businesses that form the cornerstone of their livelihoods. However, when facing a divorce, the business you’ve worked hard to establish can become a central point of contention. Ensuring its protection during divorce proceedings requires careful planning and skilled legal representation.

I’m Attorney Beryl Thompson-McClary, and I understand how deeply personal and financially significant these matters are. My team and I focus on helping business owners, professionals, and high net-worth individuals protect their assets during divorce proceedings. If you are navigating these challenges, I can provide guidance, support, and advocacy tailored to your unique circumstances. Call me at 1-888-640-2999 for an initial consultation to discuss your case and learn how I can assist you throughout Orange County, Florida.

Why Protecting Your Business in a Divorce Matters

For many, a business is more than just an income source—it represents years of dedication, creativity, and sacrifice. When a marriage ends, Florida law requires an equitable distribution of marital assets. This means that if your business is deemed marital property, its value may be subject to division. Without a strategic approach, this can lead to significant financial and operational challenges, including the potential sale of the business or loss of control over its operations.

At my firm, I guide clients through these issues by offering practical strategies and sound legal advice. Whether you’re a sole proprietor, a shareholder in a corporation, or a partner in a professional practice, I can help you navigate the legal complexities to protect what matters most.

Key Legal Issues Under Florida Statutes

Florida operates under the principle of equitable distribution, outlined in Florida Statute § 61.075. This statute governs how marital assets and liabilities are divided during divorce proceedings. While equitable doesn’t always mean equal, the court’s goal is to achieve a fair outcome based on factors such as the duration of the marriage, each spouse’s contribution to the marriage, and the economic circumstances of both parties.

Is Your Business a Marital or Non-Marital Asset?

One of the first issues we need to address is whether your business is considered marital property. Under Florida Statute § 61.075(6):

  • A business acquired during the marriage is generally treated as marital property.
  • A business owned before the marriage may remain a non-marital asset unless its value or operations were enhanced using marital funds or efforts.

If your spouse contributed to the business, whether financially or through unpaid support, such as managing household responsibilities, they might claim a portion of its value.

Business Valuation

Determining the value of a business is a critical step in divorce proceedings. This involves assessing its tangible and intangible assets, income, and goodwill. Florida courts often rely on forensic accountants to perform these valuations, ensuring that the business’s worth is accurately represented. Missteps during this process can significantly impact the division of assets, making it essential to work with experienced legal and financial professionals.

Strategies to Protect Your Business During Divorce

Pre- and Postnuptial Agreements

One of the most effective ways to safeguard your business is by establishing a prenuptial or postnuptial agreement. These contracts can specify that the business remains a separate asset, protecting it from division regardless of the circumstances.

Structuring Business Ownership

The way your business is structured can impact its vulnerability during a divorce. For example:

  • Partnership Agreements: Include provisions that limit ownership transfers during divorce proceedings.
  • Corporations or LLCs: Clearly define ownership rights and restrictions in your corporate bylaws or operating agreement.

Keeping Personal and Business Finances Separate

Commingling personal and business funds can blur the lines between marital and non-marital property. It’s crucial to maintain separate accounts and detailed financial records to demonstrate that your business remains distinct from marital assets.

Negotiation and Settlement

In many cases, negotiation and settlement can help you retain full control of your business. This may involve offering your spouse other assets, such as real estate or cash, in exchange for their interest in the business.

Court Orders and Legal Advocacy

If settlement negotiations fail, the court will decide how to handle your business. Having a skilled attorney who understands the intricacies of Florida’s laws can significantly influence the outcome. I work tirelessly to present compelling evidence and arguments to protect my clients’ interests.

Ramifications of Improper Planning

Failing to take proactive steps can lead to severe consequences, including:

  • Loss of Control: Partial ownership or operational interference by your ex-spouse.
  • Forced Sale: The court may order the sale of the business to divide its value.
  • Financial Strain: Significant payouts to a spouse can impact your business’s cash flow and long-term stability.

I aim to help my clients avoid these pitfalls by addressing potential issues early and crafting tailored solutions that align with their priorities.

Why Choose Attorney Beryl Thompson-McClary?

I understand the challenges high net-worth individuals face in divorce. My approach combines a deep understanding of Florida family law with a commitment to protecting your financial future. When you work with me, you can expect:

  • Personalized Attention: Your case is unique, and I treat it as such.
  • Strategic Advocacy: I prioritize your goals while navigating the legal complexities.
  • Comprehensive Support: From business valuations to courtroom advocacy, I’m with you every step of the way.

If you need legal guidance, don’t wait. Call me at 1-888-640-2999 to schedule an initial consultation.

FAQs About Protecting Your Business in a Divorce

Can I keep my business entirely separate from marital property?
Yes, but this depends on several factors. If you owned the business before marriage and kept its finances and operations entirely separate from marital resources, it may remain non-marital property. However, any increase in value or contributions from your spouse during the marriage could complicate this.

How is a business valued during a divorce?
Valuation involves assessing tangible and intangible assets, including equipment, real estate, revenue, and goodwill. Courts often rely on financial experts to conduct a fair valuation. The business’s structure, profitability, and market conditions all play a role in determining its value.

What happens if my spouse claims part of my business?
If the court deems the business marital property or determines your spouse contributed to its growth, they may be entitled to a share. This can be resolved through asset division, a buyout, or other financial arrangements.

How can I protect my business before getting married?
A prenuptial agreement is one of the most effective tools. It can specify that the business remains separate property and outline how its value will be treated in the event of divorce.

Is it possible to protect a business started during the marriage?
Yes, but it requires careful financial planning. Keeping detailed records and limiting your spouse’s involvement in the business can help. Additionally, structuring ownership agreements to restrict transfers can offer added protection.

Can my spouse force the sale of my business?
While this is rare, the court could order a sale if no other fair solution is available. To avoid this, you can negotiate a settlement where your spouse receives other assets in exchange for relinquishing their claim to the business.

How does my professional license factor into divorce?
Professional licenses, such as those for doctors or lawyers, are not divisible as marital property. However, the income generated from the license during the marriage may be considered.

What role does a forensic accountant play in a divorce?
Forensic accountants analyze financial records to ensure all assets are disclosed and accurately valued. They are particularly valuable in high net-worth cases involving complex business structures.

Can I negotiate a settlement instead of going to court?
Yes, many divorces are resolved through negotiation. Settlement can be faster, less expensive, and more private than litigation. Having an attorney who understands your business’s value and priorities is critical to securing a favorable agreement.

Why should I choose Attorney Beryl Thompson-McClary for my case?
I have extensive experience representing high net-worth individuals, business owners, and professionals in Orlando. I focus on protecting your financial future while ensuring your business remains intact. Call 1-888-640-2999 to schedule an initial consultation and learn how I can help.

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

If you’re considering divorce, I can help you understand your options, handle the legal processes, and provide peace of mind. Call me for a free 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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Will I be able to Remain as a Stay at Home Parent After My Divorce is Finalized?

Child Support Lawyer in Orlando Florida

A common concern of those who have been a stay at home parent is if they are able to continue in this role once their divorce case has been finalized. Nearly 20% of parents fulfill the stay at home parent role.  For a party to a marriage that stayed at home, he or she may have been out of work for a significant period of time, or he or she may not wish to obtain a job outside of the home.  In this view, they may be worried that they will be unable to support themselves financially once the divorce case is complete.  

In Florida, spousal support, also known as alimony, is awarded on a case-by-case basis after a consideration of a party’s needs and the other party’s ability to support their needs.  When a spouse has been a stay at home parent, he or she has been absent from the workforce, which is why it is clear why they would have a deficit between their income and necessary expenses.   With such a deficit, the court may find that there is an apparent need for spousal support.  However, the court must also establish that the other party has the means necessary to support this need.

If this initial threshold has been met, the court will then examine a number of different factors provided in Florida Statutes Section 61.08 which include the following:  the length of the marriage, the standard of living established, the age and health of the parties, earning capacities, and contribution of each individual to the marriage, which includes child care and homemaking.  

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 a Florida Court Considers as Income in a Divorce Case

Orlando Adult Guardianship Attorney

A common concern for divorcing spouses is the ability for each to afford a divorce and to be financially independent from their spouse.  There are many details of a divorce case that consider the income of each spouse, such as spousal support, equitable division, and child support.  Hence, it is highly recommended that you and your spouse accurately provide details as to your respective incomes.  

One of the key details to consider regarding the calculation of income is the difference between your gross and net income.  In a divorce case, the court is considers an individual’s net income, as provided in more detail below.  This includes your gross income minus deductions that are allowed per statutory law.  For instance, this net amount is provided on your tax return and can provide you with an accurate gross income along with each deduction to determine the proper net income amount.

However, if you need to perform a present calculation of your net income during a divorce case, which is highly recommended, you must determine your gross income. This includes anything that provides you with a source of monetary benefit. Under Florida law, gross income includes any form of salary, bonuses, hourly wages, overtime pay, commissions, or tips received by a parent, whether employed outside of the home, self-employed or contracted.  Benefits received from worker’s compensation, pensions, annuities, disability, or social security are also included as income for purposes of a Florida divorce case. Income also includes rental income, spousal support payments, interest, royalties, dividends, trusts, or any other type of gain or reimbursement.  

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

Google Maps / Cell Phone Directions |  Email Us

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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

Google Maps / Cell Phone Directions |  Email Us

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