What Does “Equitable Distribution” Mean in My High Net-Worth Divorce in Miami?
One of the things that is very important to most individuals in Miami who are facing or seeking a divorce is the issue of dividing up the assets and debts in the marriage. For many Miami couples, this might mean thinking about who will get the house, the cars, and some of the debts, like student loans, credit card debts, and medical bills. For others, however, who have amassed significant assets (and potentially liabilities) during the marriage, dividing up all of the property is a much more complex thing, requiring a deep dive into investment accounts, luxury assets, significant real estate holdings, and other substantial financial resources once shared between the couple. But how exactly do Florida laws deal with the distribution of properties and debts in a high net-worth divorce, and where can individuals in Miami who are seeking a high net-worth divorce go for legal help? We answer those questions here.
High Net-Worth Divorce in Miami – What is It?
At the outset, it is important for individuals and couples in Miami to understand exactly what a high net-worth divorce in Miami is. A high net-worth divorce in Miami typically involves a couple that has amassed at least $1 million or more in assets during the marriage. High net-worth divorces may involve assets such as significant real estate holdings (including the couple’s home, vacation homes, investment properties, etc.), luxury assets (such as fine art, yachts and boats, jets, and expensive luxury jewelry), investments (stock, bonds, retirement account, etc.), businesses and other business interests (companies, stocks, etc.), and, potentially any offshore bank accounts that may have been accumulated during the marriage. High net-worth divorces, as they involve high-value assets, may require skill and experience in things such as forensic accounting and other specialized legal and financial expertise, so it is best to speak with an experienced Miami high net-worth divorce attorney about your case to ensure the best protection of your property rights in your divorce.
Equitable Distribution in a High Net-Worth Divorce in Miami
As high net-worth divorces often involve a variety of high-value assets, including real estate, investment portfolios, business interests, offshore accounts, and luxury items such as yachts and artwork, married couples facing divorce will need to divide up these assets. Otherwise, a divorce judge may do it for them. Importantly, Florida is what is referred to as an “equitable distribution state”, meaning that while assets are divided fairly, they are not necessarily divided-up equally between the divorcing individuals. However, an attorney can help a divorcing individual in Miami classify assets as marital or nonmarital under Florida equitable distribution laws, which helps ensure that their client’s separate property remains protected.
Legal Help with Your Miami High Net-Worth Divorce
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. The experienced Miami high net-worth divorce attorneys at True North Law, P.A. are here to help individuals in Miami with their complex high net-worth divorces. Contact True North Law, P.A. today and speak to a lawyer about your case now.
Source:
flsenate.gov/Laws/Statutes/2018/61.075
