Tampa High Net Worth Divorce Attorney
High net worth divorces in the Tampa area are often much more complex than typical divorces, particularly in relation to financial issues in the divorce. Although high net worth divorces are governed by the same family laws in Florida as other types of divorces, it will be important to have advice from a lawyer who has experience representing clients with significant assets. Contact our experienced Tampa high net worth divorce attorney today for more information about high asset divorces in Florida and to discuss particular issues that are likely to arise in your case.
What is a High Net Worth Divorce in Tampa?
High net worth divorces are divorce cases in which the parties have a substantial amount of wealth, or own a significant amount of tangible and/or intangible high-value assets. There is no specific amount of an individual’s or a couple’s net worth that places a divorce in a distinct category of being a high net worth or high asset proceeding. Rather, high net worth divorces are handled according to the same laws as any other divorce case, but they often have more complicated issues that will arise related to the valuation and division of marital property, and determinations about support.
For example, it can be much more complicated to value and divide assets that must be appraised by a specialist, or assets that are held overseas.
Common Issues in a Tampa High Net Worth Divorce
High net worth divorces often involve complex issues concerning property division, alimony, and child support. The following are issues that frequently arise in high net worth divorces in Tampa:
- Complex property division, including assets that are complicated to value such as high-value artwork, cryptocurrency, real estate holdings, and business investments;
- Identifying and valuing out-of-state or international real estate owned by one or both spouses;
- International bank account holdings and overseas investments;
- Hidden or concealed property, meaning that one of the spouses has attempted to hide or conceal assets through transfers of property or fraudulent valuations;
- Alimony when one of the parties has significantly high assets and earnings;
- Enforceability of prenuptial or postnuptial agreements, particularly when enforcement would result in one of the spouses waiving rights to high-value property or alimony; or
- Child support when the combined net incomes of the parties exceeds the guideline amounts in the Florida Statutes.
Whether you are facing one or more of the issues described above in a high net worth divorce, or another issue common in high asset divorce cases, you should seek advice from a lawyer who has experience handling high net worth divorces who can assist you.
Division of Marital Property
Florida is an equitable division state, which means that all marital property is divided equitably, or fairly. All property, including debt, that is acquired during marriage is considered marital property, and is subject to division, whereas property owned before the marriage is not. High net marriages often involve highly diversified assets, which all need to be accounted for and valued. Examples of marital assets within a typical high net worth divorce include the following:
- Checking accounts;
- Savings accounts;
- Mutual funds;
- Stocks and bonds;
- Real property;
- Business assets;
- Retirement accounts, including pensions and 401(k) accounts;
- Offshore accounts;
- Jewelry, clothing, and other valuable personal items;
- Antiques, artwork, and collectibles;
- Automobiles, boats, and motor homes;
- Furniture; and
Division of marital property is often the most complex part of a high net worth divorce, particularly when businesses, pensions, and real estate are involved. Some types of assets, such as a vacation home, cannot be divided down the middle for obvious reasons, unless they are sold off. The same is true for business or partnership assets—if a business cannot be sold off or shared, the spouses, or the court, must find a way for equitable division to move forward. One spouse may walk away with the entirety of the business, while the other gets to keep the family home, for example.
Child Custody and Child Support
Child custody is of great concern in high net worth divorces, as it is in virtually all divorces involving children. We can help you achieve the child custody agreement and child support order that best suits your and your child’s needs.
The court looks at many factors when considering alimony, which is paid based on the lower earning spouse’s need, and the higher earning spouse’s ability to pay. The length of the marriage, contributions made by each spouse, and each spouse’s finances are taken into account, among other variables, including tax implications; as the Family Lawyer Magazine points out, the Tax Cuts and Jobs Act of 2017 had a huge impact on the tax implications of alimony.
Contact The Law Office of Laura A. Olson, P.A.
High net worth divorces in Florida are often very complex, and it is critical to have a lawyer on your side who understands the complexities of these types of cases and has experience dealing with high-value assets in Tampa divorces. An advocate at The Law Office of Laura A. Olson, P.A. can help. Contact our experienced Tampa high net worth divorce attorney today to learn more about our services.