3 Considerations for Your High Net-Worth Divorce in Miami
It is widely accepted that divorcing in Miami is a complex and challenging process for many individuals and couples. However, the process can seem like even more of an uphill battle when significant wealth is involved. Indeed, the stakes and complications of a Miami divorce can increase significantly when valuable assets, such as properties, vehicles, bank accounts, and businesses are involved. In Miami high net-worth divorce cases, under Florida laws, courts will aim to follow equitable distribution laws, by dividing marital assets fairly—but not necessarily equally. This makes it essential to understand how your financial and legal interests are affected in your Miami high net-worth divorce. In order to help individuals and couples in Miami better understand what they may be facing in their Miami high net-worth divorce, we discuss three things that you should consider as you go through the process here.
#1. Florida is an Equitable Distribution State
At the outset, it is important for individuals and couples in Miami who are facing a high net-worth divorce to understand the basics of Florida property distribution laws. Florida is an equitable distribution state, and, accordingly, under Florida marriage and divorce laws, “In a proceeding for dissolution of marriage, in addition to all other remedies available to a court to do equity between the parties, or in a proceeding for disposition of assets following a dissolution of marriage by a court which lacked jurisdiction over the absent spouse or lacked jurisdiction to dispose of the assets, the court shall set apart to each spouse that spouse’s nonmarital assets and liabilities, and in distributing the marital assets and liabilities between the parties, the court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors….” Accordingly, the judge in your Miami divorce case will likely aim to divide the property in your divorce case equitably, but not necessarily equally.
#2. Alimony in Miami High Net-Worth Divorce Cases
Alimony (also known as “spousal maintenance” or “spousal support”) may be a factor in your Miami high net-worth divorce case. In high-net-worth divorces in Miami, one spouse often has earned substantially more than the other spouse during the marriage, raising questions about maintaining the standard of living established during the marriage for the non-income-earning spouse. Miami courts consider several factors when determining alimony pursuant to Florida marriage and divorce laws, including the duration of the marriage, each spouse’s earning capacity and financial resources, contributions to the marriage, both financial and non-financial, and the standard of living during the marriage.
#3. Legal Representation in Miami High Net-Worth Divorce Cases
Finally, something that individuals in Miami who are facing high net-worth divorces should consider is working with an experienced Miami high net-worth divorce attorney. As demonstrated, the rules and laws that govern high net-worth divorce cases in Miami are complex, and individuals in Miami should work with an experienced Miami high net-worth divorce attorney to protect their rights in their case. An experienced Miami high net-worth divorce attorney can help you understand your rights and what you are entitled to in your Miami divorce case, and can fight for you.
If you are in the Miami area and you need legal help with your Miami high net-worth divorce, contact the experienced Miami high net-worth divorce attorneys at True North Law, P.A. Contact True North Law, P.A. today and speak to a lawyer about your case now.
