In Florida, an equitable distribution, no-fault divorce state, divorce can be a simple, straightforward, inexpensive process. However, add on children, property and contentiousness and the process can turn into a high-stakes legal battle.
What is high net worth?
How complex can things get? Consider first the categories of high-net worth:
- High-net-worth individuals: People or households with $1 million to $5 million in liquid assets
- Very-high-net-worth individuals: People or households with $5 million to $30 million in liquid assets
- Ultra-high-net-worth individuals: People or households with liquid assets over $30 million
These households have substantial assets that can include physical assets such as real estate holdings, motor vehicles, art, antiques and collectibles and intangible assets such as brand names, patents, trademarks, leases, computer programs, customer lists, franchise agreements and other business-related assets.
A battalion of professionals will be needed for asset assessment and divorce preparation. In addition to attorneys, there will be a need for financial advisors, tax advisors, wealth managers, appraisers, a child custody evaluator, a parenting coordinator and more.
But in some ways, the fundamental discussion will be much like what transpires in simpler marital dissolutions. Aided by prenuptial or postnuptial agreements already in place, marital property must be identified and then split.
Because Florida is an equitable distribution state, the division of marital property will be guided by what the courts deem fair and reasonable, according to a list of factors they regularly rely on.
Of course, mediation, which bypasses the courts and preserves privacy, is another route to take.
Navigating the complexity of asset division in high–net-worth divorces requires a team of legal strategists. Any number of approaches can be used by experienced counsel leading the way.