Property division is a contentious issue in many Florida divorces regardless of the value of said property. However, people who have been fortunate enough to accrue wealth will have properties of immense value. That can include real estate, automobiles, boats, jewelry, artwork, collectibles, and more.
With luxury items, it is imperative to understand how to ensure a fair distribution of property. People might want to retain certain items whether it is for their monetary value or for due to sentiment. Regardless, it is essential to know how to handle a high-asset divorce, particularly when it comes to splitting property.
The law strives for fairness
Florida is an equitable distribution state meaning that it does not split marital property in a 50-50 manner. The law seeks fairness when it decides how property will be distributed as part of the divorce. That might not mean the property is shared equally since fairness and equality can be two different things.
As the case proceeds, it is crucial to get an accurate valuation of the property that is in dispute. That means there should be an evenhanded appraisal. If, for example, there are collectibles, the value can hinge on current markets and how much it could be sold for. They must also analyze what it will be worth in the future.
If one person is a baseball card collector and the other is not interested in that hobby, it could become necessary to negotiate for the collector to retain those items. They might trade another property to keep the cards.
A successful business could be in dispute if one person created and operated it, but the other contributed to it by working there, offering guidance, or taking care of the home allowing the business owner to pay full attention to running it and making it grow. Gifts can always be a challenge in a high-asset divorce. In some cases, the divorce becomes acrimonious and there are accusations of hiding assets or selling property without the other person’s knowledge.
High-value property can be a problem in a divorce
In any divorce, there are fundamental factors that are considered with property division. That includes contributions to the acquisition of property made by both people, their economic situation, how long they were married, if they put their own goals on hold to help their spouse, whether they want to retain the property, and more.
With luxury items, there might be an ongoing dispute that cannot be settled through negotiation. For these cases, it is wise for people to be fully protected, to understand the law, and to have advice on how to achieve their objectives.
