High Net Worth Divorce Litigation
How High-Net-Worth Divorces Differ From Other Divorces
Both high-net-worth divorces and other types of divorces are subject to equitable distribution under Florida law. During the process, the court will identify which assets and property are marital and which are instead the separate property of either spouse.
Under § 61.075, Fla. Stat. (2022), assets that are acquired by either spouse during the marriage are considered marital assets that will be subject to equitable distribution. Marital assets also include funds, rights, and benefits that either spouse has earned during the marriage from retirement accounts, pensions, annuities, profit-sharing plans, programs, and insurance plans whether they are vested or non-vested. Marital assets are subject to division in the equitable distribution as a part of the divorce.
By contrast, separate or non-marital property are assets that either spouse earned before the marriage separately. The non-marital property also includes inheritances granted to one spouse but not the other, assets that maintain their separate nature because of a validly executed prenuptial or postnuptial agreement, and equity or income realized by the spouse through the appreciation in the value of the separate assets. However, if a spouse commingles their separate assets with marital assets, they can lose their separate nature and be considered to be a part of the marital estate.
High-net-worth divorces can be much more complicated than typical divorce cases because of the numerous and varied types of assets that might be involved, support issues, and other factors. In some cases, one spouse might have cryptocurrency holdings or attempt to hide assets by transferring them to family members, opening overseas bank accounts, or engaging in other types of subterfuge to try to prevent them from being divided in their divorce.
When a business is involved, a proper business valuation will be necessary. The couple will need to figure out whether the business will be sold, continue to be operated by both spouses, or be held by one spouse with the other receiving other assets to make up for the value.
Because of the numerous issues that can arise during a high-net-worth divorce, they sometimes can’t be resolved short of trial. In that situation, complex divorce litigation might be necessary to protect a spouse’s interests.
The attorneys at PurLaw have extensive experience handling complex property division matters and litigating high-net-worth divorce issues in court. We work with different types of experts to ensure our clients receive what they are entitled to in their divorces and have amassed a highly successful trial record.
If you are preparing to end your marriage that involves substantial assets, you should retain a lawyer who has experience handling the unique issues that can arise. Contact PurLaw today for your high-asset divorce in South Florida and to learn the types of help we can provide.