High-Asset Property Division in Florida Divorces
Divorce proceedings can often be stressful for all concerned, and there are always important issues to be addressed. Some of the key ones include:
- Who gets custody of children, if there are any?
- Who is responsible for any child and/or spousal support payments?
- How will the marital assets be divided?
The latter can become complicated, especially in situations involving valuable assets, known as ‘high-asset division’. These types of cases can become particularly difficult during the course of divorce proceedings, especially when money is a significant factor during the separation.
Although each state has its own guidelines regarding the division of marital property, the state of Florida requires equitable division of property. This does not guarantee that each spouse receive their equal share of assets – although ‘equitable’ is often thought to mean ‘equal’.
Instead, Florida statues focus on a division of property that is ‘fair’, with the definition of fair usually determined in court.
When considering equitable division of property, courts consider a variety of factors, including:
- The length of the marriage
- The financial circumstances surrounding each spouse
- Each spouse’s contributions to the marriage, including parenting, education, income and the securing of assets
High-asset divorce does differ from amicable, equitable dissolution of marriage. It encompasses a broad variety of assets, including ownership interests, inheritance, real estate holdings, pension and other beneficiary factors.
In some circumstances, one spouse may not be aware or directly involved in the extent of their significant other’s assets or growth, and a high-asset divorce attorney can assist in the proper identification and division of these possessions.
It is important to keep in mind that a court will consider how difficult it would be to divide any and all assets. A spouse who solely operated a business during the marriage may be granted full custody of that asset, as the other spouse was not involved at any point during the course of the marriage. However, financial compensation that is “equal” to the decided value of the asset may be paid out.
In addition, high-asset cases include any debt accrued in the duration of the marriage, such as loans, mortgages or credit card debt.
In Clearwater, Florida, The Law Firm for Family Law attorneys have handled nearly 2,000 family law cases. We understand the importance of simplifying the divorce and division process. Our lawyers work to secure your best interests and advocate for your rights according to the laws in the state of Florida.
To discuss your high-asset division case with one of our attorneys, call us today at (727) 531-8737.